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RBI Governor takes a class in economics

Last Updated: Tuesday, September 22, 2009 - 22:05

Bangalore: It was back to school for RBI
Governor Duvuri Subba Rao as he took a class for over 700
children, introducing them to the concept of the Reserve Bank
of India and the role it played in Indian financial system.

"How many of you know what RBI is?", he told the children
studying in a government-run school at a small village in
Doddabelvangala in Doddaballapur on the outskirts of
Bangalore but did not receive any answer.

Subba Rao then explained about RBI to the students at a
programme organised to mark the Bank`s efforts in piloting a
financial literacy programme in Karnataka.

Reddy lucidly explained the four imporant functions of RBI
and got them translated into Kannada. The RBI chief also
ensured a recapitulation of the lesson taught.

He also declared an essay competition on the functions of
RBI and prize money for the three best essays.

Subba Rao was pleased when most students raised their
hands on being asked if they had ever visited a bank and told
them that he himself had not had the opportunity of visiting a
bank when he was a child.

Launching the first outreach programme in the country at
Doddabelvangala village in Karnataka, to mark RBI`s Platinum
Jubilee celebration, he said "Financial inclusion goes along
with financial literacy".

"I am happy that along with the Reserve Bank of India, a
number of commercial banks and other financial institutions
are developing their own initiatives in their local areas for
encouraging financial inclusion", he said.

Financial intermediation has been an important part of
India`s growth story, "more important than we have
acknowledged so far", he said, during an interaction with
bankers at the outreach programme held today.

"This has become possible because of the work done by
ground level branch managers, business correspondent and other
functionaries of the banking and financial system", he said.

According to Reddy, the outreach programme was aimed at
reaching out to the masses, creating awareness about issues
relating to the financial sector and receiving feedback.

Bureau Report

First Published: Tuesday, September 22, 2009 - 22:05
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