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Banks must have freedom to decide on FI strategies

img_0141Deputy governor of the RBI H.R. Khan is of the view that banks should be given some freedom to determine their financial inclusion strategies. He said making such obligations mandatory has its own distractions. Addressing a national seminar on rural finance organized by NABARD, Khan said the problem is that too much of mandating in financial inclusion programme creates its own distraction and banks need to be given some kind of freedom to determine their own financial inclusion strategies and pursue their commercial activity. He saidRBI is committed to provide conducive regulatory environment to ensure hassle free financial services by financial entities. He pointed out that RBI has recently removed some restrictions in its business correspondent (BC) model and have allowed NBFCs to act as BCs. Apart from this payment banks can also act as BCs, he said.

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