RBI sees regnl languages as bridge between banks, common man
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Last Updated: Wednesday, June 01, 2011, 21:02
  
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 here.

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 regional languages.

"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.

PTI


First Published: Wednesday, June 01, 2011, 21:02


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