KL Report

SRINAGAR

J&K Bank is a very unique bank with an impressive track record of innovation and enterprise across the country, the Governor of Reserve Bank of India (RBI) Dr D Subbarao has said, “The Bank is making a difference in the lives of the people of J&K and India. I am delighted to be part of the Bank’s Platinum Jubilee Celebrations.”

As per a statement Dr Subbarao interacted with students, academics and bankers here at the Bank’s Corporate Headquarters and gave a lecture on ‘RBI-Making Difference in Everyday Life’. State Governor NN Vohra, and Usha Vohra, Vice Chancellor Kashmir University Professor Talat Ahmad and Deputy Governors RBI were also present on the occasion.

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.

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 has 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 has also 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 has 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.” And added, “We have brought the inflation down from more than 10% to 6% 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.”

“We have to strike a balance but inflation cannot be controlled without making some sacrifices in growth”, he added.

In his address NN Vohra thanked RBI Governor for his enlightening lecture and deliberations with the students and academics from Kashmir University. He has 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 and said, “It is a privilege for me to host this eminent gathering of economic thinkers, scholars, students and bankers on the occasion of Bank’s Platinum Jubilee celebrations.”

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