Bank access for rural people not encouraging: President

Kolkata, Aug 23 (IANS) Reach of rural people to banks is not very encouraging even 47 years after nationalisation of a majority of the banks, President Pranab Mukherjee said here on Tuesday.

While the RBI and the ministry concerned are busy addressing the problem areas of non-performing assets and injudicious advancing, the reach of rural people to banks is not very encouraging even after nationalisation of almost 60 percent of banks done in July 1969, Mukherjee said at a programme here.

Addressing the first anniversary celebrations of the Bandhan Bank, the president said a lot more remains to be done to meet the requirements of the unorganised sector in the country, even as the banks remain ever vigilant as far as loan dispersal and recovery are concerned.

Mukherjee lauded the role of micro-financing institutions and said they have a special challenge and responsibility to ensure equitable growth by addressing the financial needs of the vast unorganised sector.