Thaindian News

Bangalore, Sep 22 (IANS) Reserve Bank of India (RBI) Governor D. Subbarao Tuesday initiated a financial literacy programme in a hamlet, 60 km from India’s tech hub, with a goal of achieving 100 percent financial inclusion in the country at the earliest.
As part of its platinum jubilee celebrations (1935-2009), the central bank chose Doddabelavangala in Bangalore Rural district to roll out the first outreach programme in the southern state.

“The purpose of this ambitious programme is to make people understand the objectives of the Reserve Bank’s responsibilities and functions and how we make a difference to the life of a common man,” Subbarao told reporters later.

The RBI has selected Karnataka as the pilot state to launch the financial literacy programme.

Display of financial products and services offered by various banks, interaction with bankers on their initiatives under the 100 percent financial inclusion and adoption of information and communication technologies (ICT) in achieving the goal are some of the activities that mark the financial literacy programme.

“We have requested the state government to incorporate the financial literacy course in the text books for students of class five, class seven and class nine from the next academic year,” Subbarao said.

To achieve 100 percent financial inclusion across the country, the Reserve Bank has decided to work with state governments for opening no-frills accounts in every village with a population of 2,000.

“The bank accounts should be operational with facility to deposit money, take credit and make other transactions. Financial inclusion means all people or every household in the country must have an operative account in a bank,” Subbarao pointed out.

To roll out the programme nationwide, the RBI’s top officials will participate in similar programmes throughout the platinum jubilee year.