Former RBI Governor D Subbarao today emphasised the importance of financial inclusion of the poor.
He said financial institutions must learn how the poor plan their cash balance and then design a policy to smoothen their financial inclusion.
"He (Subbarao) emphasised the importance of financial inclusion of the poor. This is because for the poor people, access to credit, insurance and transfer of money from their place of work and to their home at low cost and quickly are important," a release from the National Institute of Rural Development (NIRD) here said about a lecture delivered by him.
TRENDING NOW
"Financial institutions have to learn the sociological and psychological behaviour of poor people about their planning of cash balance to design policy to smoothen the financial inclusion," the release quoted him as saying.
Subbarao, who delivered the lecture on "Reserve Bank of India Making a difference to everyday lives", discussed several issues relating to the RBI's functioning, it said.
"He highlighted several important activities of the RBI such as printing and distributing currency, formulating monetary policy, regulating and supervising financial institutions and playing a pro-active role in financial inclusion of the poor," the release added.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
09:58 pm
Mcap of four of top 10 most-valued firms rises by Rs 65,671 crore
India's space economy set to reach USD 40 billion by 2040: Union Minister Jitendra Singh 
Germany's economy shrank, and it's facing a spending crisis that's spreading more gloom 
Japan's economy contracts as recession risks grow
China's 2023 growth target within reach - China bank governor