Mumbai: Reserve Bank Governor D Subbarao on Wednesday said aversion to the use of regional languages in
banking has resulted in a majority of the population staying
out of the formal banking system.
The use of Hindi will help banks achieve the goal of
financial inclusion, he said.
"If, during the last 60-years, banking has not been able
to reach every corner of the country, it is because the
language of the common people and that of the banking
(industry) is different," Subbarao said before distributing
the Rajbhasha Shield awards to banks at the RBI headquarters
Subbarao said financial literacy is crucial for the
success of the financial inclusion programme and people will
pick up on the subject only if taught in Hindi and other
"There is a gap between the two (common people and
banking industry) which is resulting in the advantages of one
not reaching the other. We have to reduce this gap and Hindi
and other regional languages will play the role of a bridge,"
he said in his address delivered in Hindi.
"We are confident Hindi alone will help us achieve our
target. Through the use of Hindi will we be able to achieve
financial inclusion," he said, outlining the efforts taken by
the RBI in adoption of Hindi.
A majority of the country`s population continues to be
out of the formal banking system which resulted in the
Government announcing an ambitious financial inclusion drive
through its budget in February 2010.
Under the scheme, banks have been asked to reach out to
73,000 villages across the country having a population of over
2,000 people by March 2012.