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The Reserve Bank of India (RBI) has done well to come out with guidelines that make a track record of competence and ethics the paramount criterion for eligibility for a fresh banking licence, rather than any restrictive qualification. India is badly underbanked and needs many more competing banks to extend the reach of formal finance to every section of society and every nook and corner of this vast country.
Three features stand out about the guidelines, apart from inclusive eligibility. One is the mandating of the holding company route. A non-operative Financial Holding Company would own the bank and the bank itself would not normally own subsidiaries that offer financial services (except for banking-related businesses such as credit cards, primary dealers, factoring, etc).
This is meant to ring-fence the bank from any possible travails of the financial services firms. The same holding company can own the financial services firms. This is entirely appropriate and existing banks and financial service firms in insurance, brokerage, etc, should also move to such an ownership structure.
Two, ownership has to be broad-based to begin with but with clear and undiluted control and responsibility of the promoter group. Fresh equity infusion is permitted but with promoter group responsibility and accountability undiluted. This, again, is welcome.
Finally, the RBI has invited applicants to suggest how they would go about achieving financial inclusion. This attention to financial inclusion is welcome. But the RBI must give up the idea that financial inclusion would be achieved through expansion of branch networks to unbanked areas.
Rather, financial inclusion should be predicated on deployment of new technologies, such as mobile banking, taking advantage of the Aadhaar project and the ongoing rollout of broadband and power to rural areas (power lines now reach 56 lakh villages, but power awaits scrapping of the Coal Mines Nationalisation Act, which starves power plants of fuel).
The Aadhaar/National Population Registry process must complete universal coverage by year-end. The RBI, on its part, must ensure swift completion of the licence-issuing process.
1. What is meant by the author’s statement ‘India is badly underbanked’?
(1) India do not have enough banks to be able to provide finance to everyone in need
(2) Indian Banking system has many flaws due to which people have lost faith in it
(3) Indian Banks are unable to function independently due to political intervention
(4) Rules and regulation existing in the Indian Banking system are not being followed
(5) Not clear in the passage
2. Which of the following are the features of the guidelines issued by the RBI?
A. Inviting applicants to suggest how to achieve financial inclusion
B. Intensifying the level of competition among banks
C. Ownership will remain broad-based ,initially, but with clear and undiluted control and responsibility of the promoter group
D. A non-operative financial Holding Company would have the ownership of the bank
(1) Only C
(2) Only A and B
(3) All except B
(4) All except C
(5) All of the above
3. Which of the following is FALSE according to the passage?
(1) Power lines, in India have now reached 56 lakh villages.
(2) The RBI should quickly complete the licence-issuing process.
(3) More banks should be allowed to operate in India for the people to have access to finance.
(4) The RBI should expect to achieve financial inclusion through expanding of branch networks to unbanked areas.
(5) All of the above
4. Which of the following is not a banking-related business?
(1) Primary dealership
(2) Factoring
(3) Insurance services
(4) Issuance of credit cards
(5) All of the above
5. How can "Financial inclusion" be achieved?
(1) through adhaar project
(2) through internet availability in rural areas
(3) through mobile banking
(4) through access to power in rural areas
(5) All of the above
6. What is the criterion to obtain a banking license as per the guidelines by the RBI?
(1) Background of competence and ethics
(2) Completion of The Aadhaar/National Population Registry process
(3) Easy access to broadband and power
(4) Deployment of new technologies
(5) Not mentioned in the passage
7. Which of the following has been termed as ‘Universal coverage’?
(1) Young population
(2) Regional population
(3) National population
(4) World population
(5) Urban population
8. Choose the word which is most nearly the OPPOSITE in meaning as the word printed in bold as used in the passage.
Swift
(1) Ready
(2) Delayed
(3) Agile
(4) Haphazard
(5) Superficial
9. Choose the word which is most nearly the SAME in meaning as the word printed in bold as used in the passage.
Paramount
(1) Superior
(2) Prevalent
(3) Influential
(4) Prime
(5) Effective
10. Choose the word which is most nearly the SAME in meaning as the word printed in bold as used in the passage.
Restrictive
(1) Alike
(2) Guarded
(3) Hostile
(4) Welcoming
(5) Prohibitive
Answer- 1. (1) 2. (3) 3. (4) 4. (3) 5. (5) 6. (1) 7. (3) 8. (2) 9. (4) 10. (5)
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