Date:04/07/2009 URL: http://www.thehindubusinessline.com/2009/07/04/stories/2009070451811700.htm

Back RBI keen on financial literacy

Lessons learnt from every financial crisis: Usha Thorat.

Book release: (From left) Ms Jayashree Venkatraman, President, Madras Management Association; Ms Usha Thorat, Deputy Governor, RBI; Mr Srinivasan K. Swamy, President, All India Management Association; and Mr R. Raghuttama Rao, Senior Vice-President, MMA; at a function in Chennai on Friday. Ms Thorat released a book ‘Business Mandate’ on the occasion. – Bijoy Ghosh

Our Bureau

Chennai, July 3 The Reserve Bank of India has taken up promoting financial literacy with a missionary zeal.

Speaking at a function of the Madras Management Association here on Friday, Ms Usha Thorat, Deputy Governor, RBI, said that the central bank was very conscious of the fact that the entire financial system is meant to serve the common person. With this in mind, it is pushing for wider outreach and more inclusive banking.

The function was to give away awards for managerial excellence and accordingly, Ms Thorat, spoke about RBI’s own quest for excellence.

Ms Thorat said the RBI strives to achieve excellence by constantly interacting with other central banks and also by getting experts to peer review its activities.

For example, she said, when the RBI was trying to bring in the system of real time gross settlement, it knew it had to match international standards and yet tailor the system to Indian needs. There was substantial interaction with experts before the RTGS was brought in, Ms Thorat said. RBI also has been learning from every single episode in financial economy, she said.