Since only five per cent of the six-lakh villages in the country are connected to the banking network, and 60 per cent of the population do not have bank account, the Government has to formulate innovative policy for broad-basing financial inclusion, according to Mr Pushkar Gokhale, Assistant Vice-President (Security Solutions), Godrej and Boyce Manufacturing Co Ltd.
Banks being the backbone of economic growth, people, especially rural masses, should be empowered to transact with banks by leveraging the utility of the large number of post office branches, Mr Gokhale suggested during a seminar on ‘Personal Banking and Safety'. The seminar was jointly presented by Saranthan College of Engineering; Godrej, Boyce Manufacturing Corporation Ltd; Vembusons; and Business Line Club here recently.
Burglary issue
While making a presentation on Future Banking Security Solutions, he discussed about the safety aspects of bricks & mortar type of banks which transacts more cash and other reserves. They were prone to burglary attempts that could be thwarted with advanced tools, he said. To overcome burglary issues, he advocated measures such as fire resisting cabinets, defender plus TRTL safe lockers, surveillance intelligent systems, road blockers, biometric system of security products and bollards.
Mr Gokhale also flagged off a Micro Mobile Showroom launched by Godrej and Vembusons. Professor Murugavel, Bharathidasan Institute of Management, in his presentation on ‘Trends in Banking System' deliberated on the growth of banking industry owing to entry of corporates, despite the RBI making the guidelines stringent.
Public, private, foreign banks and financial institutions altogether account for 83 banks, he estimated, adding that banks occupy 80 per cent market share.
Retail customers accounting for 25 per cent play a crucial role in terms of value proportion, he said, advocating technology for enhancement of efficiency and minimising costs.
Students posed questions on financial inclusions, mobile banking and microfinance, hacking, ombudsman scheme, core banking, corporate participation in banking, education loans, and electronic tracking system.