Banking and monetary regulator, Reserve Bank of India is moving ahead firmly towards achieving its goal of total financial inclusion in the country by 2012. The apex bank aims to make banking facilities reach out to all villages of population 2000 and above by the given time period, said RBI governor D. Subbarao.
" RBI has planned that all villages with population more than 2,000 must have access to banking such as through ATMs, business correspondents and rural mobile banking ," Subbarao said in his speech to the students of IIM (Raipur).
"It is a challenge before the RBI to maintain growth and control inflation," he said.
He also explained the various roles and functions of RBI right from printing currency in mint to distributing it in the system and controlling its flow.
He also strived to clear the misconception held by people about RBI being the regulator of interest rates in the country. He said RBI directly controlled only NRI deposit rates and savings account rates as of now.