FE@CAMPUS MASTERMIND: Response by Deepak Motiramani to question for Jan 28-Feb 3
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India has a major rural mass which is still not covered under financial inclusive model. With Aadhaar and Information technology playing a major role small banking institutions with innovative technology is the need of the hour. With a large population of about 25 crore of youngsters coming in to the population size financial inclusion & financial literacy can be achieved only if Banking sector plays a proactive role with large spread across the population with innovative technology applications.
The current Banking system is focused on growth by number of accounts and receivable to the relationship managers but have a large scope through corporate social responsibility to reach out to maximum number of young population to strategically inspire entrepreneurship, innovation and creative growth in GDP. Thus India needs more Banks with socially driven models and enterprising youth population being trained in financial ecosystem.