The growth of the domestic economy, the banking sector in India has truly come of age. But with the current slowdown and fears of a global recession, the Indian economy and the banking sector have been looking for new avenues of growth. In the face of these circumstances, it is ironic that rural banking which has hitherto been a slow growth sector could prove the next development engine for Indian banks. With affordable and relevant technology driving penetration as well as providing an improved service experience, rural banking could bring in financial inclusion and help banks grow their business radically.
Indian banks have awakened to the vast potential of the rural sector. Specialized and innovative schemes to improve rural penetration have become the popular mantra. No-frills credit cards, franchisee networks, supply chain financing for agriculture, investments in rural infrastructure and cross-selling of products are only some of the programs directed at the rural sector. Needless to say, at the core of these initiatives lies sophisticated yet reasonably priced technology - playing a significant role both in effective operations and delivery
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