The Finance Minister of India Mr. Pranab Mukherjee has said that about 20,000 villages in the country will be brought under the basic banking system by the end of this fiscal year. The government has set a task of providing basic baking facilities to all the villages in the country with a population of above 2,000 under the Financial Inclusion Plan by March 2012.
"For the year 2010-11, we have set a target of rollout in 20,000 villages. I am confident that this target will be achieved," Mr. Mukherjee said.
The banks are adopting various new techniques and innovative ideas to speed up the process ,to do so the banks have appointed Business Correspondents in form of individuals or big corporate players that have good reach in the rural parts of the country.
The Finance Minister advised the banks to be very cautious in appointing these business correspondents as they are going to represent the bank to the population in the remote areas of the country.
The Business Correspondents are the link between the banks and the rural population. They help the rural population to make transactions through the machines that the bank provides them.
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