Subbarao praises progress of financial literacy in Karnataka

Outreach helps in info dissemination

Subbrao was attending a day-long exhibition on financial inclusion and financial literacy initiatives in Karnataka organised by major banks and RBI.

Talking on the sidelines of the inauguration of the pilot project Subbarao said, “Ever since I joined the RBI I have been wanting to expose myself to the situation in the field. This is the first-ever outreach programme where the government, banks and RBI got together to disburse information which is relevant for financial inclusion.”

Interaction

Subbarao also interacted with bankers on the initiatives taken by them for achieving 100 per cent financial inclusion and stated that he was impressed with the progress made by them in this regard.

He then addressed a large gathering of school children and college students where he formally launched the financial literacy and awareness programme. He then explained to the children the rudiments of the working of RBI, and the duties of the central bank in controlling inflation, supporting  the economic growth of the country and maintaining financial stability.

The Governor then visited Chikka Hejjaji village where he witnessed banking committees conducting live transactions of ‘No Frills’ accounts. RBI also opened a special counter, near the Gram Panchayat Office at Doddabelavanga to exchange mutilated and soiled notes for fresh notes and coins. Coins of Rs 15 lakh and fresh notes of Rs 5 lakh will be made available for exchange at the counter.