Says J&K Bank making difference in the lives of people
SRINAGAR: 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. I am delighted to be part of the Banks Platinum Jubilee Celebrations.
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 Banks Corporate Headquarters. Governor N N Vohra was the Chief Guest
This was the first speech in J&K Banks Platinum Jubilee Lectures, a series in which eminent thinkers and scholars will deliver lectures on key issues concerning people of Jammu and Kashmir.
State Governor and Mrs. Usha Vohra, Vice Chancellor Kashmir University Professor 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 RBIs 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% 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, he said.
We have to strike a balance but inflation cannot be controlled without making some sacrifices in growth, he added.
The lecture concluded with a lively question-answer session.
In his address Vohra thanked RBI Governor for his enlightening 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. Shri 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 Banks Platinum Jubilee celebrations.
He thanked the guests for gracing the event occasioned by the Banks 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.
Commenting upon the lecture, one of the participants said, He dwelt upon the topic in a way that facilitated basic understanding into the working of RBI and the impact of its role upon the everyday life of common people.
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