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India - OECD - World Bank Conference on Financial Education

India - OECD - World Bank Conference on Financial Education. New Delhi March 4, 2013 Inaugural Remarks by Dr. Duvvuri Subbarao Governor Reserve Bank of India . 1. Why is Reserve Bank of India (RBI) in the forefront of the campaign on Financial Literacy?

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India - OECD - World Bank Conference on Financial Education

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  1. India - OECD - World Bank Conference on Financial Education New Delhi March 4, 2013 Inaugural Remarks by Dr. Duvvuri Subbarao Governor Reserve Bank of India 1

  2. Why is Reserve Bank of India (RBI) in the forefront of the campaign on Financial Literacy? Because RBI has a development mandate 2 2

  3. Why is Reserve Bank of India (RBI) in the forefront of the campaign on Financial Literacy? Because, after the crisis, central banks have recognized the link between financial stability and financial literacy. 3 3

  4. Inaugural Remarks The big picture RBI’s accomplishments to date and challenges ahead Introspective questions that we must ask oursleves 4 4

  5. The Big Picture • Financial Inclusion and Financial Literacy are integral to each other 5 5

  6. Why are financial inclusion and financial literacy important? Because they are integral to ‘attacking poverty’. • The Big Picture 6 6

  7. Financial Inclusion in India Win-win for all stakeholders 7 7

  8. Financial Inclusion The big picture in India 8 8

  9. Financial Inclusion and Financial Literacy What has RBI done? 9 9

  10. Financial Inclusion and Financial Literacy RBI Strategy Bank led model More by moral suasion than regulation Let a thousand flowers bloom 10 10

  11. Financial Inclusion in India Many accomplishments, but also several challenges 11 11

  12. Financial Inclusion and Financial Literacy Introspective but important questions that we must ask ourselves? 12 12

  13. Financial Inclusion and Financial Literacy Portfolios of the Poor 13 13

  14. Financial Inclusion and Financial Literacy Poor Economics 14 14

  15. Financial Inclusion and Financial Literacy Fortune at the bottom of the pyramid 15 15

  16. Challenge only in developing countries? No. surprisingly, it is a challenge in rich countries as well. • Financial Inclusion • and • Financial Literacy 16 16

  17. Problems of access and awareness Challenge in rich and poor countries Perish stereotype views Good policies and effective implementation can make a big difference Let a thousand flowers bloom. We can learn from collective experience. • Summary and Conclusion 17 17

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