Fake currency poses global threat

GUWAHATI, Aug 7 – Asserting that circulation of fake currency has emerged as a global threat, Deputy Governor of Reserve Bank of India (RBI) Dr KC Chakrabarty today endorsed the need for launching a ‘counter war’ against those indulging in such nefarious activities in the country. Dr Chakrabarty, while speaking to media on the sideline of the launching ceremony of the RBI’s Financial Outreach Programme for the North East region in Kukurmara village under Chaygaon block, further stated that a concerted effort involving civil society, Government and the security agencies is a must to do away with the problem.

“Though there is very little that RBI can do to check the circulation of fake Indian currency, yet it can certainly provide vital inputs to the intelligence agencies to mitigate the problem,” Dr Chakrabarty pointed out.

Dr Chakrabarty also stated that RBI would be organising a series of awareness camps in schools and colleges to make people aware of the security features of a currency note in a phased manner.

Similiar camps would also be organised as part of its outreach programme to make people, especially those residing in remote areas, aware of the benefits of banking facilities.

“If India is to achieve a ten per cent growth rate, it has to increase the savings rate of the people. Opening of more bank accounts would mean more savings and the outreach programme, which was launched today, aims at making every individual a productive asset of the society,” he stated.

“The idea is to ensure participation of every citizen in the country’s growth process. By our effort of making every citizen bankable, we aspire to ensure sustainable growth of the society as a whole,” he added.

Kukurmara village would be raised as the model village of the RBI outreach programme.

The financial outreach programme organised at Kukurmara village was participated by different banks, besides officials of RBI. The outreach programme has been launched commemorating the platinum jubilee celebration of RBI. The programme aspires to bring banking system to the doorsteps of the common man.

Each bank under RBI is expected to cover at least one village every month between August 2009 and March 31, 2010.

Deputy Commissioner (Kamrup) RC Jain, (Rural) speaking on the occasion, urged the banks to set up more branches in the rural areas and prove that banking in rural areas too can be a profitable business.

“The credit deposit ratio of the banks in the Kamrup district minus Guwahati is just 18 per cent and it is high time to change the scenario,” he asserted.

Regional Director, RBI, Surekha Marandi besides many senior bank officials were present in the camp, which witnessed opening of hundreds of new bank accounts by local residents today.