In the last decade, the face of the rural economy has undergone a metamorphosis both from an economic and social perspective. The rural clientele is no longer limited to farmers and the uneducated, but has come to include a generation which can use and adapt technology effectively. This evolution of the rural economy has dictated a change in the nature of the supply of banking services, adopting a more inclusive approach combined with innovative digital solutions. The fact that the rural economy largely withstood the impact of demonetisation is a reflection of the evolved face of the rural economy. I believe the rural economy has never been more ready to embrace this change and it is imperative that banks must adopt the role of ‘change agents’ to become the spark plugs in this endeavour.

Source: Hindustan Times May 15, 2017 11:15 UTC