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First challenge for Indian banks is to become truly universal: FM

In his inaugural address at Bancon 2013 on Friday, Chidambaram said that India needs banks which cater to people living in tribal areas.

November 16, 2013 12:42 IST | India Infoline News Service
Union Finance Minister P Chidambaram suggested that the Reserve Bank of India (RBI) should not issue new banking licences to organizations that clone the existing banks.
In his inaugural address at Bancon 2013 on Friday, Chidambaram said that India needs banks which cater to people living in tribal areas.

“We need a different bank to cater to North East, we need banks to cater to the urban poor, we need banks that cater to farmer families and we need banks that cater to women,” he added.

According to Chidambaram, majority of Indians were not having banking access. “The first challenge for Indian banks is to become truly universal, everyone in India, irrespective of the economic condition, should have access to banking services,” he said.

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