The Reserve Bank of India has said that it will compensate 100 per cent revenue loss to banks for five
years to encourage financial inclusion in the North-East region
in the country.
RBI Deputy General Manger T Jamang said that under the
plans, a banking facility should be available in
each village or cluster of nearby villages that has a population of 2,000 by
March 2012.
"RBI will compensate 100 per cent revenue loss to banks
for five years as an incentive to push
financial inclusion in the region," Jamang said. He was speaking on the
sidelines of an annual payment conference of the central bank.
Jamang also said that the compensation will also be extended
to specific areas in which the population is more than 1,000 and more. He also
said that the central bank is aiming at including people
in the banking system by connecting villages with a banking correspondent and
mobile individuals.
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