Financial Inclusion: Plans and Perspectives of FFIs

Sandip Ghose, Regional Director, Reserve Bank of India, moderated the session Financial Inclusion: Plans and Perspectives of FFIs

Former Governor Dr.Reddy's book launched

Authoritative work: Y.V. Reddy, former Governor of the RBI, at the launch of his book on Saturday.

HYDERABAD: Renowned statistician C.R. Rao released the book “Global Crisis, Recession & Uneven Recovery” authored by Reserve Bank of India former Governor Y.V. Reddy on Saturday.
Published by Orient BlackSwan, the book offers a lucid explanation of the financial crisis and accounts for its consequences. In addition to bringing out the root causes of the global financial crisis, Dr. Reddy makes certain proposals for reform in the book. The work outlines the consequences of the crisis one of them being shift in the balance of economic power in favour of Asia while it also highlights the role of central banks in the evolution of the crisis as well as their role in the developing countries.
Releasing the book, a sequel to Dr. Y.V. Reddy's work India and the Global Financial Crisis: Managing Money and Finance, Prof. C.R. Rao said the financial crisis plunged several countries into recession and brought the major stock markets into a downward spiral, but Indian economy emerged much stronger and resilient post crisis. The book was a translating narrative of how the country avoided the crisis because of the foresight of Dr. Reddy who saw the financial crisis two years ahead and initiated steps accordingly.
Insurance Regulatory and Development Authority former chairman C.S. Rao recalled his association with Dr. Venugopal Reddy and said the timely measures by Dr. Reddy as the central banker had ensured that country overcame the crisis. RBI former Deputy Governor Usha Thorat outlined the various innovative schemes taken up by the former RBI Governor.

  

Ex-DG V.Leeladhar chosen for National Banking Award

Udupi, Nov 27: Vittaldas Leeladhar, former deputy governor of Reserve Bank of India (RBI), has been chosen for the K K Pai National Banking Award for the year 2010-11.
V Leedhar, an engineering graduate, had initially joined Syndicate Bank. He later joined Corporation Bank, where he rose to become its general manager at a young age. Besides functioning as the executive director of Bank of Maharashtra, he worked as the chairman and managing director of Vijaya Bank and Union Bank of India, before being elevated to the position of deputy governor of Reserve Bank of India.
He also was the chairman of Indian Banks Association for a term. His interest in modern management techniques, knowledge, and pragmatic approach, have left behind an imprint wherever he has worked.
The above announcement was made by K K Ammannaya, secretary of K K Pai Trust, through a press release. A panel of juries have unanimously chosen Leedhar for the award, in recognition of his outstanding contribution in the fields of commercial banking, he said.

RBI plays an important role in strengthening the economy of the country

Vijay Kumar November 27, 2010 Udhampur/Jammu, November 27 (Scoop News) – Executive Director, Reserve Bank of India. Deepak Mohanty today said that RBI’s outreach programmes which started during its Plantinum Jubilee year were being continued with a view to deepening the penetration of financial inclusion and expanding the coverage of financial services to all sections and all regions of the country in a meaningful way, particularly to those at the bottom of the economic pyramid, and thus achieving the objective of inclusive growth. Deepak Mohanty was speaking in a function of awareness drive by Reserve Bank of India, Jammu office at village Bashat in Udhampur district here today. The programme was presided over by Deepak Mohanty Executive Director, Reserve Bank of India.
Deepak Mohanty further said that Bashat village was one of the 3 model villages chosen by RBI for outreach activities in the State for 100% Financial Inclusion during 2010-2011 by using Information and Communication Technology (ICT) for issuance of smart cards through the Business Correspondent (BC) model. The main aim was to achieve the objective of financial inclusion and providing doorstep banking services to the rural poor, small and marginal farmers, people of small means, women, etc. He also apprised the gathering that the biometric smart cards have inbuilt security
features and are therefore very safe for conducting transactions. The card holders would also get receipt for each transaction.
Earlier while welcoming the Chief Guest and other dignitaries to the programme, Regional Director for Jammu and Kashmir . Arnab Roy stated that during the last 75 years, Reserve Bank of India has played an important role in strengthening the economy of the country. He mentioned that during the Platinum Jubilee year (2009-10) of RBI it was decided to reach out to the remotest villages of the country for extending banking services thereto so that the common man is linked to the banks without actually visiting a bank branch through Information and Communication Technology (ICT) initiatives and intervention, using the Business Correspondent (BC) model. On the occasion. Mohanty and other dignitaries also distributed smart cards issued by J&K Bank Ltd and witnessed the activation/transactions through smart cards not only for the common villagers but also for NREGA beneficiaries. . Mohanty interacted with the common villagers while distributing smart cards and clarified their doubts. This was a new and unique experience for the villagers who showed great enthusiasm to get connected to the banks without visiting a ‘brick and mortar’ branch. He also emphasized the role of Financial Literacy and Credit Counselling Centres and advised the banks to open such centres for the benefit of people.
The programme was also attended by Additional District Development Commissioner, Udhampur . Ram Ratan, Executive Director, J&K Bank Ltd . Ashok Mehta and other senior government officials, bankers, teachers, students and a large number of villagers including women, senior citizens, NREGA beneficiaries and farmers. A cultural programme was presented by the school children before the dignitaries. The audience was familiarized with the history and functions of Reserve Bank of India through a film show. Films on features of genuine notes and on the functioning of the Banking Ombudsman were also shown for the benefit of the public. With the help of J&K Bank Ltd, a counter for exchange of soiled and mutilated notes and issuance of fresh notes and coins was set up at the venue which attracted a huge crowd. Literature highlighting the functions of RBI and on financial literacy and education was distributed to the students and other members of the audience.