RBI governor Raghuram Rajan has called for streamlining of cooperative banks and providing basic facilities to micro, small and medium entrepreneurial groups in the country. The RBI governor was recently in Bhopal where he lauded Madhya Pradesh for recording maximum economic growth rate in the country.
The apex bank governor said expansion in payment bank and mobile banking would bring about improvement in payment system in rural areas.
Earlier, senior cooperator Satish Marathe had argued for adoption of latest technologies such as payment bank and mobile banking by cooperative banks in order to remain relevant.
Marathe has called upon the UCBs sector to brace up for changes that are inevitable with the advent of Unified Payments Interface (UPI). Unified Payments Interface – a new process in electronic funds transfer is likely to be as transformational as Aadhaar.
Along with this, the RBI has also envisaged a time frame of five years for its massive education campaign across the country. The most effective way is to weave financial education into the normal content of curricula in educational institutions, he said. Farmers and students are its first targets, Rajan underlined.