Amalgamate banks – The Economic Times

This relates to your edit “India Needs New Banks” (ET March 4). Financial inclusion and financial literacy will be the primary goal in implementing reforms along with the UID project to protect the interests of the poor. The modern banking system has lost a personal touch. Even residents of semi-urban areas are reluctant to use ATMs. NextGen banking can fail in rural areas. It’s true, we need more banks and innovative ways of thinking, competition will drive out inefficient players.

ET also suggested the perfect solution to the problem in the same issue: “Before they compete, let the banks consolidate”. The Narasimhan Panel has also suggested having fewer banks with more branches nationally. The author has pointed out that out of 9,000 private bank branches, only 1,138 are in rural areas. That means they don’t like going to the country.

Shishir Sindekar,
Nassik, March 4th Amalgamate banks – The Economic Times

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