Union minister's call for increased banking services in Marathwada goes unheeded
VAIBHAV PARWAT
Chhatrapati Sambhajinagar: In a meeting held on September 16, 2021, at Chhatrapati Sambhajinagar, union minister of state for finance, Dr Bhagwat Karad, directed the heads of all nationalized banks to expand their branch networks in Marathwada, including the Chhatrapati Sambhajinagar district. Despite commitments made by the banks chairpersons to increase branches in the region, disappointingly, only three new branches have been established within the district over the past year. This is a far cry from the required 46 branches in Chhatrapati Sambhajinagar district.
Population-based branch requirements
According to RBI rules, there should be one bank branch for every 5,000 people. However, in Maharashtra, there is only one branch for every 6,790 people on average. In Mumbai, there is one branch for every 3,368 people, while in Chhatrapati Sambhajinagar district, there is only one branch for every 7,727 people.
Missed opportunities and unfulfilled promises
The lack of bank branches in Marathwada has led to citizens investing in non-approved financial institutions and being cheated. Despite the promises made by the chairmans of nationalised banks to increase the number of branches in Marathwada, the banks have not responded to the demands of the minister. The merger of various nationalised banks has also resulted in the closure of many branches in Marathwada.
Expert opinion
Banking expert Rajesh Kulkarni has expressed disappointment that the opportunities for Marathwada have not been utilised effectively, and stressed the need for more branches of cooperative banks to be opened in areas where bank networks are sparse.
Failed promises
The lack of bank branches in Chhatrapati Sambhajinagar district is a cause for concern, and the failure to fulfil promises made by nationalised banks to increase the number of branches is disappointing. The need for more branches of district central cooperative banks in areas with sparse bank networks cannot be overstated.