Use technology to bring banking to billions in India

ICICI joint managing director and CFO Chanda Kochhar: “The biggest challenge in promoting rural banking is that although number of transaction are very high, the transaction cost has to be kept low. It is necessary to build viable business models to promote financial inclusion.”

Punjab National Bank chairman DR K C Chakrabarty: “Inclusive growth is possible only when we can offer bank accounts to maximum number of people across rural belts of the country. Banking for billions is unviable and unmanageable without taking help of technology.”

NABARD chairman U C Sarangi: “The role of self-help and micro-finance groups is very important in promoting financial inclusion in the country.”

Citibank country head Sanjay Nayyar: “I would stress on the use of technology towards operating and controlling the cost of access to bank accounts in a bid to propel financial inclusion in India across rural areas.”

Indian Bank chairman and managing director Sundara Rajan: “Much more needs to be done in the area of counselling to promote financial literacy in the feeder regions of the country with the help of self-help groups. Even in Mumbai, clusters such as Dharavi exist where all residents do not have an access to a bank account needed for money transfers.”

CPI(M) central committee member Nilotpal Basu: “Indian banks will have to invest certain capital towards propagating financial inclusion in the country. The major challenge for Indian banks and financial institutions today is that a lot of productive investments are going towards speculative activities.”

The winners

Nationalised banks

Winner: Indian Overseas Bank

Runner ups: Indian Bank, State Bank of Hyderabad

Old private sector banks

Winner : Karur Vysya Bank

Runner up: Federal Bank

New private sector banks

Winner: HDFC Bank

Runner up: Axis Bank

Foreign banks

Winner: Bank of America

Runner up: HSBC India

Other winners

Strength & soundness: Canara Bank

Growth: Deutsche Bank

Profitability: Standard & Chartered Bank

Efficiency: Bank of America

Credit quality: Yes Bank