Mangaluru: Justice S Abdul Nazeerjudge of the Supreme Court, said, “The penetration of banking in rural areas has managed to keep away moneylenders. It has brought about improvement in the financial sector.”
He was delivering the Founders’ Day Lecture, during the 98th Founders’ Day celebrations of Karnataka Bank, here on Friday. He was speaking on the topic–’Constitutional philosophy and banking’. He said that over the years, India has made progress in banking. “It has been able to meet the financial needs of the poor. With banking reaching rural areas, it has been able to eradicate moneylenders, who exploited the poor. The villagers who took loans from moneylenders for agriculture and other needs, ended up in a debt trap. The monopoly of moneylenders has reduced, but it has not completely stopped,” Justice Nazeer said.
On how banking is helping the masses in rural areas, Justice Nazeer said that the poor are able to take loans and repay them.
He was delivering the Founders’ Day Lecture, during the 98th Founders’ Day celebrations of Karnataka Bank, here on Friday. He was speaking on the topic–’Constitutional philosophy and banking’. He said that over the years, India has made progress in banking. “It has been able to meet the financial needs of the poor. With banking reaching rural areas, it has been able to eradicate moneylenders, who exploited the poor. The villagers who took loans from moneylenders for agriculture and other needs, ended up in a debt trap. The monopoly of moneylenders has reduced, but it has not completely stopped,” Justice Nazeer said.
On how banking is helping the masses in rural areas, Justice Nazeer said that the poor are able to take loans and repay them.
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