From being completely out of the ambit of mainstream banking, the country’s rural areas now have a shot at personal and commercial banking, thus improving their economic status to a large extent.
Mahatma Gandhi was right when he said that India’s riches were concentrated in its villages. He was not referring to the mineral resources or lush natural beauty of the villages – he was referring to the dense concentration of most the country’s population in these areas. He wished for villages to be developed enough to become self-reliant centres of education, employment and societal development. If the villages did not develop, he believed, India would lose its essence to the forces of industrialisation and urbanisation. Continue reading “The changing face of rural banking in India”