Tech effective tool in banking sector: RBI Guv

Reserve Bank Of India Governor D Subba Rao on Friday said that the reforms introduced in the financial sector were responsible for growth of economy in a healthy manner.

 Talking to reporters after presenting the Institute for Development and Research in Banking Technology Excellence Awards for 2009 at a function here, he said the infrastructure facilities in the country had facilitated to expansion of the number of bank branches from 8,000 plus in 1969 to 80,000 plus now.

Lauding the newer technologies in banking services, he said the sector would become more affordable and accessible to rural people after the reforms.

Rao said harnessing the power of technology for making the banking system more efficient and for financial inclusion was going to be a big opportunity and a bigger challenge for the banking sector.

The financial inclusion was very important because it was necessary for generating and sustaining equitable growth, he added.

The financial access for the poor is very essential as it provides them opportunities to build savings, make investments and avail credit, he stated.