Government of India adopted a bank nationalisation route in order to change Class Banking to Mass banking. Banks were allowed openining of one urban centre branch against opening 2 rural branches. Several funding schemes were implemented for upliftment of socially poor people from all segments. The decision of Financial Inclusion and reaching villages with less than 2000 population throgh Kirana shops, local NGO and various agencies might be taken after failure of all earlier efforts reaching banking services in rural area.
This efforts of government superficially appear to be good. However, I can see the rot in this scheme in the next elections. It is likely that agents appointed by local MLA/ MP will take advantage of this situation and take advantage in garnering votes. I suggest that instead of implementing Financial Inclusion through the various agents, Banks should open low cost ATM centres with one staff positioned to help the public in opening accounts, deposit/ withdrawl of cash, processing loan applications etc. Third party involvement in Banking transactions is still not safe in our country.
I heard that NCP used BACHAT GAT in New Mumbai muncipal elections for distributing money to buy votes. Such things are possible in Financial Inclusion.
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