Finance Minister, Mr. P Chidambaram said that the country needs 8 per cent growth rate and there is also a need of innovative solutions to come out from the ongoing economic slowdown.
Mr. Chidambaram addressing a gathering of top banking officials at the annual Bancon summit said, "For India, eight per cent growth is not an aspiration, but an imperative." He also asked banks to find new customers, new business models and new ways to do business. He said that there are new customers, depositors and borrowers, and it is bank's duty to seek them.
Finance Minister said that there are evidence to suggest that farmers, women and students have been very good customers for banks.
Addressing to the point that one half of India has no access to the banking facilities, Mr. Chidambaram asked the banks to make use of ultra-small branches and business correspondents to take banking facilities to un-banked regions of the country.
Mr. Chidambaram said, "Everyone who has a genuine need and capacity to repay the loan must get loans. That can only happen with financial inclusion".
Finance Minister said that most of the people need to loan small amount of money. He said, "This is an area in banking business that has not yet been served adequately by banks. That need today is being serviced by other financial institutions.