India has a chance to leapfrog from cash to electronic payment mode, thereby, bypassing cheques, Leeladhar noted. The Reserve Bank has also permitted appointment of individuals as banking correspondents under the financial inclusion project and brought in several changes in the Banking Ombudsman Scheme for speedier redressal of grievances. He called upon banks to make use of technology to provide better customer service.
Leeladhar was addressing Corporation Bank customers at a meeting organised by the bank on the occasion of the inauguration of its new zonal office premises in Bangalore on Thursday.
B Sambamurthy, CMD of the bank, said the bank's business has doubled in the last three years to touch around Rs 94,000 crore as of March 31, 2008. The bank's net NPA is one of the lowest at 0.32 per cent. During the last year, over 10 lakh new customers were brought into the bank's fold which is the highest since the inception of the bank.
The bank has introduced many innovative products for its customers such as payments through mobile, funds transfer through ATMs, online approvals for education loan among others, he said.