Eye on ruralia

Finance Info
Eye on ruralia

The world biggest bank is now targeting the Indian countryside
Citigroup has ambitious plans to expand into the Indian countryside to tap the millions of people living in rural areas. Towards this end it has sought permission from the Reserve Bank of India to open branches in smaller communities to target farmers and small entrepreneurs, the bank's country head, Sanjay Nayar, has said. The world's biggest bank is betting on an increase in purchase power thanks to the increase in agricultural output and retail chains buying up more produce from rural areas. It is thought this is the right time to expand the Indian banking market beyond large cities because close to 58 percent of farm households and 70 percent of non- farm households in the countryside lack access to banking services. "There's going to be huge demand for financial services and consumer durables and we would love to be there," Nayar said.

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