Inclusive Banking!

Two years back, I was reckoning A-B-C-D.... of Banking in a brief article for Alliance's Gyandhaara.

Around that time, I used to see ads from the new kid in banking in India highlighting about Knowledge Banking.  No doubt, Knowledge Management was itself a new buzz word which was not taking place in the modern business or corporate world, let alone in our banks.  Because Indian Banking Industry has been the victim and beneficiary of all political and economic policies of the powers at Centre for decades.  Creativity or Innovation was never allowed during the so called pre-Reforms era till early nineties.....

Every thing what these banks did had to flow from Delhi or Mumbai.  Even commercial ads were not permitted to be released by all the PSBs during eighties.  IBA used to release blank ads designed by the Joint Publicity Committee for all the twenty-seven PSBs.  There was nothing that individual banks could claim or boast of as all the products, services and rates of interest were decided by the regulator - RBI ( as enunciated by GOI).  Branch expansion was dictated by the authorities without considering whether a branch is located in a cost centre or potential place for productivity and profits! Directed lending was the order of the day; not to speak of Loan Melas and Debt Waivers in the name of developmental banking.

Come reforms, and the twenty-first century with hi-tec banking all over.  Its Door-Step-Banking now extending all possible care for the Customer (was he or she neglected all the earlier years?). Then there is Knowledge Banking and recent innovation of Inclusive Banking.  But who is doing it and who is saying it shouting from the roof top?  I wrote two days back about Inclusive Growth being a hot-buzz-word irrespective whether it is practiced or not.  I am yet to understand the meaning of Inclusive Banking.