Gear up for reforms: Meena

BANGALOARE: Union Minister of State for Finance Namo Narain Meena has called upon banks to gear up for the proposed reforms in financial sector, especially in the context of the Centre’s agend

Published: 01st April 2012 02:49 AM  |   Last Updated: 16th May 2012 07:15 PM   |  A+A-

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Union Minister of State for Finance Namo Narain Meena inaugurating the all-women branch of Syndicate Bank at Padmanabhanagar.

BANGALOARE: Union Minister of State for Finance Namo Narain Meena has called upon banks to gear up for the proposed reforms in financial sector, especially in the context of the Centre’s agenda for financial inclusion. Speaking at the inauguration of Syndicate Bank’s all-women branch (2,700th branch) at  Padmanabhanagar here on Saturday, Meena said, “Financial inclusion is key for achieving faster, inclusive and sustainable growth as we move towards the 12th Five Year Plan. The economy is expected to grow at 7.6 per cent in 2012-13 and 8.6 per cent in 2013-14.”

The minister commended banks for their role in financial inclusivity. “In the Indian context, financial inclusion has to create meaning and value to the poor. It is heartening that banks are coming forward with increased penetration and outreach,” said Meena.

“Provision for food, education and healthcare to the poor is important. Further, adopting technology to fix leakages in the system is also necessary. The Unique Identification project of the government promises these, including case transactions,” he said.

Meena further added that close to 70,000 (out of 73,000) habitations with population of 2,000 had been covered by banks under the Swabhimaan scheme.

Union Minister of State for Railways K H Muniyappa, urged banks to do more for the rural populace in the state.

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