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J&K Bank making difference in people’s lives: RBI
KT NEWS SERVICE. Dated: 5/9/2013 11:17:00 PM
SRINAGAR, May 9: J&K Bank is a very unique bank with an impressive track record of innovation and enterprise across the country. The Bank is making a difference in the lives of the people of J&K and India.
This was stated by Dr D Subbarao, Governor Reserve Bank of India said in the opening remarks of his lecture titled ‘RBI-Making Difference in Everyday Life’, during his interface with students, academics and bankers here at the Bank’s Corporate Headquarters. N N Vohra, governor was the chief guest.
This was the first speech in J&K Bank’s Platinum Jubilee Lectures, a series in which eminent thinkers and scholars will deliver lectures on key issues concerning people of Jammu and Kashmir.
Wife of governor, Usha Vohra, vice chancellor Kashmir University Prof Talat Ahmad and deputy governors RBI were also present on the occasion.
Demystifying the complex functioning of RBI, Dr Subbarao engaged the attention of jam-packed audience while presenting a detailed overview of the RBI’s role in monetary management, currency printing, financial regulation and economic growth.
He said, “Our functioning as a central bank touches the life of almost everyone in the country right from pricing of food to payment of interest.”
He said that the quintessential function of the RBI was monetary management which determines the financial stability, price stability and economic growth in the country.
There have been deliberations and debates upon how the monetary policy should be conducted but there is complete consensus that the basic mandate of RBI is to manage and regulate the monetary situation in the country, he said.
Apparently responding to the criticism that RBI has been facing for last few years of failing to check inflation but hurting growth in the process, he said, “We are open to criticism for we believe it adds value to our thinking. And we need to be responsible while responding to it.”
"We have brought the inflation down from more than 10 percent to 6 percent which is quite reasonable. However, it is fair to say that Inflation is too rampant as an issue that hits hundreds of millions of poor across the country everyday and these are voice-less people whose concerns are our responsibility as a public institution," he said.
He stated the banks have to strike a balance but inflation cannot be controlled without making some sacrifices in growth, he added.
The lecture concluded with a question-answer session.
In his address N N Vohra thanked RBI Governor for his lecture and deliberations with the students and academics from Kashmir University. He observed that the lecture explains the involvement and role of the RBI in day to day life of the citizens through the monetary policy frame work. Vohra hailed J&K Bank for its excellent performance and services rendered to the people of the State.
Earlier, Chairman and CEO J&K Bank Mushtaq Ahmad welcomed the guests.
He thanked the guests for gracing the event occasioned by the Bank’s Platinum Jubilee celebrations despite their very hectic daily schedules.
Professor Talat Ahmad presented the vote of thanks on the occasion. He extended gratitude towards the Bank for its keen participation in various educational programmes conducted by the university from time to time.