about the significance of each of these events. 5. the reserve bank attaches top priority to deepening financial literacy. this means that school children and college students should acquire basic proficiency in financial concepts. why is this important? this is important both for you as individuals and for the country as a whole. when children grow up and start earning, they should know their options – where to save, when to save, how and how much to save. only when you are able to evaluate your options will you become responsible adults. this is important at the aggregate level too. when you save, your money becomes available to the government and to other private sector for investment. and that investment raises our growth rate and creates jobs. i want all of your school children and college students to study well, in particular try and understand the world of finance. i also want to request the education department of government of karnataka to do an evaluation of the introduction of the finance curriculum after one year. based on your feed back, we can improve the lessons and instruction material both here in karnataka and all other states. 6. now let us know more about financial literacy. banking facilities are still not available to many villages. out of about 6 lakh villages in our country, 5. 7 lakh villages still do not have any bank branch. at the earliest, banking facilities should be provided to these villages. for this purpose, technology should be used to open no frill accounts. the banking facilities can be made available the door step of the villages by appointing one of the villagers as banking correspondents. bio - metric smart cards may be provided to the no - frill account holders. bio - metric smart cards should be imbedded with photograph and finger print of the account holder. this facilitates acknowledgement for the transactions done by the depositor. their day - to - day transactions may be uploaded to the bank branch either through telephone or internet. the benefit of government schemes may be directly and speedily credited to these no frills accounts. this is being implemented in six districts of karnataka with an aim to extend the same through out the country. 7. we have organized various curricular and non - curricular programmes for improving financial literacy amongst school children. the education department of government of karnataka have revised the high school textbooks for the year 2010 – 11 as per our suggestions. as part of non - curricular activities we have organized state level quiz competition. about 6100 schools and 3000 colleges took part in this

example, ajello, laubach, lopez - salido, and nakata ( 2018 ) ; guorio, sim, and kashyap ( 2018 ) ; and adrian and liang ( 2018 ). 6 ccyb also builds financial - sector resilience during periods when financial vulnerabilities are high and there is a risk of potential losses within the banking sector that could strain the supply of credit. furthermore, the ccyb might be a more effective tool than monetary policy to mitigate financial vulnerabilities, as the benefits are comparable to those of using monetary policy while the costs are an order of magnitude smaller. 4 / 4 bis central bankers'speeches