: ‘Banks have to be sensitive to the needs of borrowers’ #FinanceIndia #StockMarketNEWS #Business NT NETWORK Panaji Urging banks in the state to be sensitive to the needs of borrowers, NJ

@StockMarketNEWS Mon 15 Feb, 2021

Posted in: #Business #FinanceIndia #StockMarketNEWS

‘Banks have to be sensitive to the needs of borrowers’ #FinanceIndia #StockMarketNEWS #Business
NT NETWORK

Panaji

Urging banks in the state to be sensitive to the needs of borrowers, NJ Nampoothiri, general manager- in- charge, RBI- Goa, pointed out that, over the years the dependence of borrowers on informal financial institutions has reduced but a lot more needs to be done to include all borrowers under the formalfinancial sector.

Nampoothiri was speaking at the Financial Literacy Week 2021, celebrations launched on February 8. He said that credit discipline and timely repayment by borrowers are beneficial to both banks and borrowers. The RBI general manager also elaborated upon the initiative of Public Credit Registry (PCR) and highlighted the role of banks as agents of social change.

The theme for the FL Week this year is “Credit Discipline and Credit from Formal Institutions???. During the week banks are expected to focus on timely repayment and credit score, borrowing only from formal institutions and responsible borrowing.

The FL Week will conclude on February 12. The RBI released posters with the FLW theme distributed to banks in the state for dissemination and display at their branches.

Members of Goan industry were a part of the RBI’s function with Manguirish Pai Raikar, chairman, MSME National Council, ASSOCHAM; Blaise Costabir, chairman, CII-Goa, Damodar Kochkar, president, GSIA, presenting the perspective of the industry.

Sulabha Rathod, zonal head, Bank of India, Amitav Sahu, regional head, Canara Bank; Prasad Kamat, AGM, State Bank of India and Carey Mascarenhas, AGM, FIDD, RBI also addressed theparticipants.

During the weeklong activities, banks across the state will be conducting financial literacy camps in their branches.