RBI Deputy Governor stresses literacy over mere access in financial inclusion
Chennai / New Delhi I Economy India: Reserve Bank of India (RBI) Deputy Governor Swaminathan Janakiraman on Saturday emphasized that financial inclusion initiatives such as re-KYC camps are not merely about expanding access to banking services but also about empowering customers through financial literacy. Speaking at a financial inclusion program organized by Indian Bank in Tiruvallur district, Janakiraman stressed that such camps help people complete their re-KYC process without having to visit bank branches, thereby bringing services closer to communities.
According to an Indian Bank press release, Janakiraman said, “Financial inclusion means more than just providing access to banking. It is about enabling people to take control of their financial lives and contribute to the nation’s economic progress through financial literacy.”
Agriculture Policy Must Shift Toward Ethical Principles: Agriculture Secretary
Meanwhile, in New Delhi, Union Agriculture Secretary Devesh Chaturvedi called for a fundamental transformation in India’s agricultural policy, advocating a move away from a purely utilitarian approach toward one grounded in ethical principles. Speaking at the closing session of the M.S. Swaminathan Centenary International Conference, Chaturvedi said the shift is essential as India seeks to balance food security with environmental sustainability.
Referring to India’s Green Revolution of the 1970s—which prioritized production through high-yield crop varieties, increased fertilizer use, and expanded irrigation—Chaturvedi acknowledged its success in making India self-sufficient in wheat and rice. However, he raised concerns about current farming practices, asking whether the pursuit of production targets is leading to excessive use of pesticides, irrigation, and groundwater.
“We must now move from a utilitarian to an ethical framework—one that evaluates actions not just by compliance with rules but by their impact on sustainability,” Chaturvedi stated. He underscored the importance of adopting farming practices that ensure sustainable production, protect the environment, and safeguard livelihoods.
While India is close to achieving self-sufficiency in pulses, Chaturvedi expressed confidence that ongoing research and new crop varieties will help the country meet similar goals in oilseeds. He stressed that agriculture policy must also consider the large workforce in the sector, particularly small and marginal farmers, ensuring food and nutritional security alongside environmental conservation.
(Economy India)
