Managing growth vs inflation biggest challenge now: RBI

Written by: Pti
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On financial inclusion programme that seeks to provide banking access to poor and those living in the villages andremote parts of the country, the RBI chief said banks had beenadvised to draw up Board approved Financial Inclusion Plansfor a period of three years upto March 2013.

Subbarao said this should be integrated with the businessplan of the bank.

A uniform model has not been imposed so that each bankcan build its strategy in line with its business model andcomparative advantage, he said.

In order to further financial literacy, the RBI hasestablished centres focused on financial education at itsregional offices in Chandigarh, Pune and Bangalore. "We hopeto replicate this in other cities too," he said.

RBI has also encouraged commercial banks to set upfinancial literacy and credit counselling centres to helppeople develop better financial planning skills and to learnof the opportunities available in the financial sector,Subbarao said.

"Most importantly, we are encouraging both central andstate governments to include financial literacy in school andcollege curriculum so that the next generation enters theadult world financially literate," he said.

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