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— G.R.N. Somashekar

Dr K.C. Chakrabarty, Deputy Governor, Reserve Bank of India (left), and Mr J.M. Garg, Chairman and Managing Director of Corporation Bank, at the inauguration of the bank’s 150 branchless banking locations, in Bangalore on Monday.

Our Bureau

Bangalore, Oct. 5 The Reserve Bank of India Deputy Governor, Dr K.C. Chakrabarty, has urged banks to expedite implementation of financial inclusion in the country.

Speaking at the launch of 150 branchless locations by Corporation Bank, Dr Chakrabarty, said, “If we want to return to 9 per cent GDP growth from the present 6 per cent, we will have to include those people who are not part of the economic process, into the process.”

Dr Chakrabarty said if people are not brought under the banking system, the country would not be able to achieve financial inclusion, and if there is no financial inclusion, there cannot be inclusive growth.

He said only 31,000 villages out of the seven lakh villages in the country have bank branches.

Corporation Bank’s branchless banking locations known as Corp Grameen Vikas Kendra would provide banking services through intermediaries to people in villages where there are no banks.

By the fiscal-end, the number of branchless banking locations would be increased to 2,000, said Mr J.M. Garg, Chairman and Managing Director, Corporation Bank.

Mr Garg said about 41 per cent of India’s population do not have bank accounts. The branchless model would be successful and generate good business for the bank. As of March 2009, Corporation Bank has 418 branchless banking locations.

With the inauguration of the new units, the reach has increased to 568 locations. Out of the 150 new Corp Grameen Vikas Kendras, 59 units would be in Karnataka, 38 in Andhra Pradesh, 10 in Kerala, 36 units in Tamil Nadu, five in Gujarat and two in Haryana.

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