Despite the fact that India is the second fastest growing economy, it still has about 28 crore people, of whom many are rural folk below the poverty line—reason why rural credit has not been expanding. The government, banks and voluntary organizations need to work jointly to uplift the poor and the downtrodden in rural India. Recent initiatives of the RBI in this context include redefining priority sector credit, excluding housing finance and export credit from priority sector tag, and steps to reform regional rural banks and cooperative institutions.
ABOUT THE AUTHOR Katuri Nageswara Rao
Katuri Nageswara Rao (b. 1946) has worked in Indian Overseas Bank for 27 years followed by a brief stint of 20 months in Karur Vysya Bank as Head of the Staff Training College, Karur. During his tenure at Indian Overseas Bank, he had exposure in critical areas like credit appraisal and supervision, senior level branch management, inspection and rehabilitation of sick units. He holds an M.Sc. degree (Mathematics) from Sri Venkateswara University and is a CAIIB from the Indian Institute of Bankers, Mumbai. Presently, he is the Associate Dean, ICFAI University, Hyderabad. He is also the Consulting Editor of Professional Banker, a monthly magazine, published by the ICFAI University Press. His articles on banking and general management have been published in The Economic Times, The Hindu Business Line and The Times of India. He has already edited a few books for the ICFAI University Press on banking related topics. He has authored a book titled, "Global Banking-Asia-Pacific Region" also published by the ICFAI University Press.
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