RBI gallery inaugurated at IIM Kozhikode

Updated on: Tuesday, July 17, 2012

The RBI gallery was inaugurated by Dr Duvvuri Subbarao, governor of RBI, in the Indian Business Museum (IBM) at Indian Institute of Management Kozhikode (IIMK) on July 6.

Dr Subbarao addressed the students of IIMK as he spoke about the significant leadership roles RBI has been playing since 1935.

“Balancing the inflation, the price stability and the financial security of the country is one of the key challenges the Reserve Bank faces,” said Dr Subbarao while delivering the leadership series lecture.

Dr Subbarao emphasised that the concept of the apex bank is not only to regulate the economy and financial stability of the country but also to reach out to the under privileged. He pointed out that the poor sections of the society should derive benefits from the banking sector such as hassle free financial transactions as well as access to credits.

A post economic reform that the government has brought through RBI has helped the country boom and has fuelled India’s aspiration to become a super power. India has moved from being a repressed country to an ever growing state.

Dr Rao said that the inflation over the last two years has been ‘imported inflation’ related to the price of oil. He said, “Whatever the reason for inflation, we have to stabilise the economy. We are trying to draw a parallel between the growth rate and inflation. The monetary policy of the RBI is the first line of defense to save the economy.”

The apex bank is also considering the introduction of polymer notes on a pilot basis in the country. “These notes have been introduced in Singapore and Australia. Its longevity is one of its main advantages. An environmental study on the impact of the notes has already been conducted. Also, since it would be in circulation for a longer period, its impact to environment would be negligible,” he added.

Prof Debashis Chatterjee, director, IIMK presided over the function. He said, “The RBI Gallery is indeed a welcome addition to the wealth of information in the museum and express hope that it will inspire the visitors with more insights on this important sector.”

Dr Subbarao applauded the institute and said, “IIMK is a trailblaser in its endeavour to globalise Indian thought leadership with its efforts to guide and teach aspiring banking, financial professionals the origins of a strongly founded financial system.”

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