The launch of a rural bank branch often marks the start of an economic revolution in a village and its surroundings, RBI Deputy Governor K. C. Chakrabarty said.
Speaking after inaugurating the 3,742nd branch of Canara Bank at Gungralchatra, a hamlet on the outskirts of Mysore, he said new technology initiatives such as Aadhaar (UID), RuPay and Kisan cards will help bring about an economic revolution. Urging customers to use these facilities, he pointed out that banking is a business where money has to rotate and, thereby, provide a multiplier effect.
Speaking to Business Line on the sidelines, Canara Bank Chairman and Managing Director R. K. Dubey, said the bank would consciously be increasing its rural and semi-urban presence.
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