RBI launchs centre for financial inclusion and literacy

By siliconindia   |   Saturday, 27 November 2010, 00:45 IST
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Bangalore:The Reserve Bank of India launched its Financial Inclusion and Financial Literacy Learning Centre at the College of Agricultural Banking in Pune. The centre was inaugurated by RBI governor D Subbarao. This is the second centre in the country after Chandigarh. In December, another centre will be launched in Bangalore. "Through the centre, we will try to include as many people as possible within the folds of financial literacy. So far just about 40 per cent of the people have bank accounts. We are going to request other banks to start financial inclusion and literacy centres," Subbarao said. He said the RBI is trying to streamline the implementation of decisions of top officials at the grassroot level by promoting interaction and review meetings. On high interest rates, coercive recovery processes and multiple lending by some microfinance institutions, he said the RBI has already appointed a sub-committee to study the issue and the report would be submitted by the end of January 2011. He said the RBI is continously working to address the grievances regarding loan disbursement to bring in more transparecny and accountability. The center will act as a public gallery and organise workshops for capacity building to will reach out to people of all age groups, genders and classes.