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India needs a socially conscious banking
system: Pranab
Saturday April 07, 2012 07:28:52 PM,
IANS
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Mumbai: Nationalisation of banks was a path breaking step in deploying
financial services for transformation of the economy, Finance
Minister Pranab Mukherjee said Saturday and added that India needs
to develop an integrated banking delivery model to promote
financial inclusion and economic growth.
"A socially conscious banking system will help us to reduce the
glaring inequalities without compromising economic growth. In this
context, continuous innovation in delivery and design of financial
services targeted at the economically marginalized is of utmost
importance," he said after inaugurating a conference on
'Leveraging Financial Services Sector as the Growth Engine for
Transformation' organised by the Indian Merchants' Chamber.
Mukherjee, however, pointed out that India's objectives are
somewhat different from those of developed countries. "We need to
indigenously develop a workable business model and an integrated
delivery model geared to promote financial inclusion, and in turn,
sustainable economic growth," he said.
Mukherjee emphasised that the future challenge in the evolving
circumstances is to maintain the momentum of growth against the
background of deteriorating global growth rates, sovereign debt
crisis in Europe, the possibility of systemic impact of crisis in
international financial markets and some domestic constraints.
He added that, in India, the process of leveraging financial
services sector as the growth engine for transformation is closely
entwined with the progress on financial inclusion.
"It is a subject which is close to my heart. Financial Inclusion
is a key strategy to achieve inclusive development. It is a
necessary condition for financial deepening, which will help us to
address the basic issue of growth with equity," he said.
Mukherjee pointed out that the government and the Reserve Bank of
India have taken a number of initiatives for furthering financial
inclusion.
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