The recent announcement by the Reserve Bank of India on opening 10 small banks has failed to bring any relief to the eastern region. This has happened despite Prime Minister Narendra Modi pushing for a look east policy to promote the financially backward states in the eastern part of the country.
These small banks have been opened in states ruled mainly by BJP and its allies. Excepting for one at Guwahati, the entire eastern region comprising of West Bengal, Bihar, Orissa, Jharkhand and all the North Eastern states (excepting Assam) have been completely ignored. Such a move defeats the very purpose of financial inclusion which propelled the opening of these banks.
The announcement has gone even against the spirit in which small finance banks were conceived. Particularly, for Bihar, Orissa, Jharkhand, North Eastern states as also for West Bengal “financial inclusion” is a crying need of the hour and no genuine interest has been shown in this direction.