Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: VAT Audit :: ACCOUNTING STANDARDS :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: ACCOUNTING STANDARD :: TDS :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: form 3cd :: VAT RATES :: due date for vat payment
 
 
« Latest Circulars »
 Clarification on Income Computation and Disclosure Standard (ICDS) notified under section 145(2) of the Income-tax Act, 1961
 RBI-Calendar for Auction of Government of India Treasury Bills
 Issuance Calendar for Marketable Dated Securities for April-September 2017
 Formation of seven new districts in the State of Manipur - Assignment of Lead Bank Responsibility
 Availability of LAF and MSF windows on March 28, 2017 (RTGS Working Mumbai Holiday)
  Payment systems to remain open on all days from March 25, 2017 to April 1, 2017
 Availability of LAF and MSF windows on March 25 and 26, 2017 (Saturday & Sunday)
 RBI Working Paper Series No. 5/2017: Comparison of Consumer and Wholesale Prices Indices in India: An Analysis of Properties and Sources of Divergence
 All Agency Banks and select offices of RBI to remain open on all days from March 25, 2017 to April 1, 2017
 RBI-Sources of Variation in Foreign Exchange Reserves in India during April-December 2016
 Developments in India’s Balance of Payments during the Third Quarter (October-December) of 2016-17

RBI celebrates 80th Anniversary: Prime Minister urges Banking Fraternity to set Goals for Next 20 Years to remove India's Poverty
April, 06th 2015

The Prime Minister of India Shri Narendra Modi urged the Reserve Bank of India to take the lead in encouraging financial institutions to set concrete targets for consolidating financial inclusion over the next 20 years, to help transform the quality of life of the poor. "I come as a representative of the poor, underprivileged, marginalised and tribals; I am one among them; I seek on their behalf and trust you will not disappoint me," the Prime Minister said at the Financial Inclusion Conference organised by the Reserve Bank of India to celebrate its 80th anniversary. The Conference was held at National Centre for the Performing Arts, Mumbai on April 2, 2015.

The Prime Minister also complimented the Reserve Bank, its staff and all others who had contributed to the development of the institution on the occasion of its 80th anniversary. He alluded to the bi-monthly discussions between him and the Reserve Bank Governor Dr. Raghuram G. Rajan and said that the cordiality in that indicated similarity in thoughts between the Government and the Reserve Bank. "I am satisfied about the role of the Reserve Bank," he mentioned.

Finance Minister Shri Arun Jaitley, Shri C. Vidyasagar Rao, His Excellency Governor of Maharashtra and Shri Devendra Fadnavis, Hon’ble Chief Minister of Maharashtra were the Guests of Honour. Former Governors, Deputy Governors and Senior Executives of the Reserve Bank, Heads of Financial Regulators, Chief Executives/Managing Directors/Executive Directors/General Managers-in-Charge of Financial Inclusion and Technology of commercial banks, Chairmen of Regional Rural Banks, representatives from Micro Finance Institutions, Business Correspondents, Training Institutions and academia were among the attending dignitaries.

Offering other benefits to poor, the next Challenge says FM

Earlier, Shri Arun Jaitley, Hon’ble Finance Minister of India, lauded the Reserve Bank, commercial banks and their staff for the success of Prime Minister's Jan Dhan Yojana and said that the next challenge was to activate these accounts and make financial inclusion a success and to make inclusive growth a reality. Complimenting the Reserve Bank on its 80th anniversary, the Finance Minister said that the dialogue between the Government and the Reserve Bank were always constructive.

Empower the poor and the small by offering them choice and opportunity says RBI Governor

In his welcoming remarks, the Reserve Bank Governor Dr. Raghuram G. Rajan recounted the tasks ahead and stated that in the coming year, the Reserve Bank’s intent is to create an ownership neutral, institution neutral, and technology agnostic level competitive arena. Technologies enabling touch-and-go payments will be used even as banks find new ways of acquiring and analysing information and reducing transactions costs as they compete to extend financial services to all. The Reserve Bank's state-of-the-art payments system will support technology, even as the Reserve Bank strengthens its cyber-supervision and cyber-security. The central bank will also focus on developing deeper markets to absorb the risks that stay too often in banks or in corporations, he added.

The Governor cautioned that the required national push to finance infrastructure should not override financial stability, which is key to national security. He suggested that going forward, the Reserve Bank needs to develop new sources of risk capital so that India’s infrastructure needs can be financed with moderate amount of debt, even as the Reserve Bank helped the system deleverage.

“Perhaps the country's most important financial challenge is to bring financial services to every doorstep and to every small enterprise. The poor are still too far away from, or too uncomfortable stepping into bank branches," he stated and added that “With government initiatives like Pradhan Mantri’s Jan Dhan Yojana and the MUDRA Bank, as well as new technologies, new institutions, and new processes such as direct benefits transfers, I am confident that our country can empower the poor and the small with both choice and opportunities. The Reserve Bank in turn has to ensure greater consumer protection and consumer literacy.”

He concluded by stating that strong national institutions are hard to build. Therefore existing ones should be nurtured from the outside, and constantly rejuvenated from the inside, for there are precious few of them.

Panel Discussions

The address by the honourable dignitaries was followed by four panel discussions on pertinent issues concerned with financial Inclusion efforts: i) Financial Inclusion-Let all efforts bloom; ii) the Linkage between Financial Inclusion, Financial Literacy and Consumer Protection; iii) Building the Business case for Financial Inclusion: Whether BC Model is the way to go?; and iv) Financial Inclusion – Way Forward. Experts from the fields of commercial banking, financial institutions, Central Government, Non-Banking Financial Companies, Self-Help Groups, journalism, and Board members of the Reserve Bank participated in the panel discussions, each of which was moderated by a Deputy Governor.

Abridged History of the RBI released

“The Concise History of the Reserve Bank of India, 1935-1981”, was also released by the Hon’ble Prime Minister on this occasion. The volume has been compiled based on internal documents of the Reserve Bank. An adaptation and abridgement of almost 3,000 pages of the first three volumes of its institutional history, covering the period from 1935, when the Bank was set up, till 1981, “The Concise History of Reserve Bank of India” is one more attempt of the central bank to 'demystify' itself to the general public.

RBI's Environment friendly gestures

In a unique environment friendly gesture, the Reserve Bank has undertaken to plant 200 trees in different parts of the country through a non-Government Organisation called 'Grow Trees'. A certificate stating this was presented in lieu of flowers while welcoming the Prime Minister.

Later, an artwork titled 'Dandi March' created out of shredded currency notes by students of Government Art College, Chennai was presented to each dignitary on the dais as a memento.

Alpana Killawala
Principal Chief General Manager

Press Release: 2014-2015/2083

Related Links
Opening remarks by Dr. Raghuram G. Rajan, Governor, Reserve Bank of India
Prime Minister's remarks
Prime Minister's remarks full text in Hindi
Video recording of inaugural function of RBI celebrating completion of its 80th year
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions