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`Banking activity yet to reach backward districts'

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Highlighting the role of microfinance sector in expanding the reach of banking facilities, Prof. Thingalaya said the services of the regional rural banks could be utilised better for this purpose.

Mangalore , Nov. 2

There is a need to increase banking activities in some of the backward districts in Karnataka, according to Prof N.K. Thingalaya, Chairman of the Academic Council of Justice K.S. Hegde Institute of Management.

Speaking at a function to release the Kannada version of his book — `Karnataka: Fifty Years of Banking Development' — at Mangalore University on Thursday, he said banking activity is yet to gain momentum in some of the backward districts of the State.

Citing the example of Chamarajanagar district, he said the rate of financial inclusion in that district is only 17 per cent. However, the overall rate of financial inclusion in the State is 36 per cent, he said.

Microfinance sector

Highlighting the role of microfinance sector in expanding the reach of banking facilities, he said the services of the regional rural banks could be utilised better for this purpose.

Even some of the multinational companies have found microfinance an attractive proposition. Some of them are planning to take part in this sector by charging high rate of interests to the borrowers. In such a situation, regional rural banks with the help of self-help groups could do a better job on microfinance, he said.

Mr B.R. Bhat, General Manager of Corporation Bank, who released the book, said that Karnataka has played a key role in the economic and banking development of the nation.

The Corporation Bank Chair in Bank Management at Mangalore University is the publisher of the Kannada version of the book.

Earlier in the day, Mr N. Vinay Hegde, President of the Nitte Education Trust, released English version of the book at Justice K.S. Hegde Institute of Management at Nitte in Udupi district. Justice K.S. Hegde Institute of Management is the publisher of the English version of the book.

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