Governor Reserve Bank of India (RBI) Raghuram Rajan in Bhopal stressed the need of launching a campaign to increase financial literacy among farmers and students.
Rajan expressed his views while meeting chief minister Shivraj Singh Chouhan here on Friday.
As per the government’s spokesperson, the RBI governor also said financial literacy should be a part of school syllabus and its draft was being prepared.
He also said assistance would be extended to banks to increase recoveries. Banking correspondents system would be strengthened and attention would be paid to training and certification.
He said after expansion of payment bank and mobile banking, status of payments under various schemes in villages would improve. District cooperative banks’ functioning should be streamlined further. Necessary infrastructure should be made available to micro, small and medium enterprises.
Chief minister Shivraj Singh Chouhan said states’ rating should be done on the basis of their financial condition. States with good financial condition should be encouraged.
CM said investment in all sectors was increasing in the state. Mukhyamantri Yuva Udyami Yojana had been implemented to promote young entrepreneurs. A roadmap had been chalked out in the state to double farmers’ income in 5 years. An ideological Mahakumbh was being held to give a global message for human welfare.
He said banks should make efforts to ensure that credit-deposit ratio of the state increases constantly. Cash availability in banks should be increased so that farmers can be paid amount against wheat procurement within 7 days. Refinancing from NABARD should be increased to 50%. It would benefit farmers.
Additional chief secretary Finance AP Shrivastava, RBI regional director Ajay Michhiyari, principal secretaries to CM Iqbal Singh Bains and SK Mishra, commissioner Industries VL Kanta Rao and principal secretary Cooperatives Ajit Kesari were also present on the occasion.