Friday, 26 April 2024

 

 

LATEST NEWS Mann's roar in Majha!, starts AAP's election campaign in Gurdaspur for Shery Kalsi Mann in Amritsar -When the people of Majha make up their minds, they do not sway, this time they have decided to make AAP win Congress will provide 50 percent reservation to women in jobs: Lamba Haryana CEO takes first-of-its-kind initiative, State Voters to receive Wedding-Style Invitations for General Elections Wheat procurement gains pace as agencies procure 334283.4 MT grains Governor Shiv Pratap Shukla presents Road Safety Awards From Siliguri to a Chai Empire: How a Women Entrepreneur Brew a Successful Tea selling brand CHAIOM Science Fest organised at Rayat Bahra University Detaining the colonizer is a highly condemnable act - Gurjit Singh Aujla AIMS Mohali Observes DNA Day Vigilance Bureau Arrests Patwari Accepting Rs 10,000 Bribe For Mutation Of Land Vigilance Bureau Nabs Senior Assistant For Taking Rs 20,000 Bribe Vigilance Bureau Nabs Reader Of Sho Nri Police Station Taking Rs 20,000 Bribe SANY Heavy Industry India Pvt Ltd Expands Presence with Grand Opening of Raghunath Machinery HO in Rayagada, Odisha Ideathon 2K24 held at CGC Jhanjeri, 160 teams from various colleges participated Retailers Discuss Ways to Stay Ahead of the Curve at the RAI Hyderabad Retail Summit 2024 Bobby Deol Drives the Badass Seltos Hyundai Motor Group Executive Chair Euisun Chung Visits India to Underline Mid-to long-term Mobility Strategic Commitments Rupnagar police arrest accomplice of attackers involved in murder of VHP leader Vikas Prabhakar Complete exercise of identifying critical polling stations within this week : Sakshi Sawhney The impact of the Deputy Commissioner Dr. Senu Duggal strictness, a record jump in lifting in two days

 

Financial stability, inclusion go together : Bimal Jalan

Listen to this article

Web Admin

Web Admin

5 Dariya News

New Delhi , 11 Dec 2017

Programmes of financial inclusion are part of the larger financial system, the stability of which is essential to the success of the inclusive initiatives, a former Reserve Bank of India (RBI) Governor said on Monday.Noting that financial inclusion has to go hand in hand with financial stability, Bimal Jalan emphasised the importance of the latter from the time of his stewardship of RBI in the 1990s during the Asian financial crisis when India faced a precarious balance of payments situation and the rupee was depreciating rapidly."Financial inclusion has always been part of our larger financial system and has been accompanied by financial stability," Jalan said at the Inclusive Finance India summit organised by IFMR Lead."It is essential that we provide financial inclusion without upsetting financial stability and we are in a position to do so. We have high reserves and our debt-to-GDP ratio is very good."Jalan noted that financial inclusion had increased in India with the help of information technology."Transfer is happening in the banking system and we do as we go along... What is required is the accessibility of credit and the accountability of the credit provider," he added.Economist and former MP C. Rangarajan said that as part of the banking reforms of the 1990s, the central bank was committed to dismantle the "administrative structure of interest rates" and cut down priority sector lending.He said all the different mechanisms of financial inclusion that have emerged over the years like cooperative banks, among others, need to be brought together under a single framework."The cooperative movement was a big failure, even MFIs (micro finance institutions) have failed in a sense, but we cannot junk these, they need reform," said Rangarajan, also a former RBI Governor."We need to think of an appropriate mechanism to regulate small institutions, how do we preserve them and create a mechanism of supervision."Another former RBI Governor, Y.V. Reddy, advocated more small institutions and decentralization."Multiplicity of channels is better. We have to consider how to bring in state governments to regulate these institutions," Reddy said.He also said the RBI can think of how to build up the regulatory institutions.The consensus in the panel was that there was a need to balance financial stability along with consumer protection and inclusion.

 

Tags: RBI

 

 

related news

 

 

 

Photo Gallery

 

 

Video Gallery

 

 

5 Dariya News RNI Code: PUNMUL/2011/49000
© 2011-2024 | 5 Dariya News | All Rights Reserved
Powered by: CDS PVT LTD