Bring metropolitan cities under lead bank scheme: RBI

KOLKATA, INDIA: It might seem to be like a financial inclusion initiative or an initiative to drive the Aadhaar enrolment process.

The Reserve Bank of India has asked banks to bring in metropolitan areas under the Lead Bank Scheme, so as to provide doorstep banking and direct transfer of cash benefits under government social welfare programmes.

The Lead Bank Scheme which is integrated mechanism to extend banking facilities to consumers, especially those who belong to the economically weaker sections, will be extended to the economically weaker sections of the metropolitan cities.

The Central bank has directed banks to establish deposit camps where individuals can open their bank accounts. The bank accounts would then be linked to Aadhaar numbers. Besides that, banks have been asked to have an effective mechanism in place to monitor the progress of this initiative.

Inorder to meet this objective, Banks are preparing a comprehensive financial inclusion plan for 2013-16.