Dr Subbarao then discussed the concept of Financial Inclusion and shared his own experiences of the times when he was working for the same. He said that financial inclusion is not merely about people having a bank account but, it is the number of active users that matters. It helps to merge the informal sector into the formal financial sector. The hindrance in attaining financial inclusion is the difference in the area of interests of the parties involved. The poor of the country looks towards the banks for loans, whereas the banks eye on their customers' savings. Dr Subbarao said that it is essential to understand the sociology of poverty to achieve financial inclusion.
Towards the end of the session, Dr Subbarao talked about the autonomy of RBI and how it must be conscious of its responsibilities and render accountability. He then addressed the questions put forward by the audience. It was an exceptional opportunity for the students to interact with such an esteemed guest and hear out his views on some major issues of the country.
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