and in relation to other countries. rbi also has been assigned with several other responsibilities. thus, the rbi manages the public borrowings of the central government and all state governments ; is a banker to the central and state governments and keeps their accounts ; regulates payments and settlements systems, and, of some direct concern to many of you, it is a regulator of the banking system. i will not spend more time describing all this but we put all information on all these matters in public domain – through publications ; press releases and sometimes speeches like this. up - to - date information is available on the rbi website in english and hindi. why do we explain in detail about our work and dilemmas? it is because rbi is a public institution and we explain to you so that you can understand, appreciate, criticise and guide us. it is not a publicity drive but it is meant to enhance our efficiency and accountability to the common public. for today, i will place before you some instances of how the rbi, as a public institution, is answerable to the government and indeed, to the people at large, and has taken steps to get closer to the common person in the recent years. we have urged the banks to be sensitive to the banking and financial needs of the common person and adopt a policy of financial inclusion, that is, to bring possibly every family – rich and poor, rural and urban – into the banking fold.'no frills'accounts with perhaps a small overdraft facility should be the easiest way for financial inclusion. we are also looking at how technology can increase the banking access to the people. general credit cards and kisan credit cards can facilitate disbursal of small credits to among farmers without much paper work each time they want to take loans or make transactions. we are also exploring alternatives, such as, satellite offices of banks, atms and use of post offices for extending banking facilities to rural areas. in urban areas, we are trying to give efficient and quick service to bank customers by extending to them facilities such as, mobile and internet banking, quick – almost minute by minute – and cost effective transfer of funds from one account to another through electronic funds transfer mechanism. we also encourage reliable, prompt and economical means of conducting day - to - day transactions, such as, bills payments, receipts of salaries, dividends and pensions directly into the beneficiaries'bank accounts, etc. to ensure that you get good quality banking services at a reasonable cost

, we have taken several measures. while the banks can decide for themselves what services they will offer to customers and at what cost, we have asked each bank to set for itself a measurable standard or benchmark for the quality of service it would give to its customers. an independent body set up by the reserve bank, called the banking codes and standards board of india ( bcsbi ), will then assess the quality of the services given by that bank against the promise it has made. any adverse remark by the board will give us a trigger for taking corrective steps. we have also asked the banks to ensure that account holders have detailed information on the availability and cost of various banking services offered to start a banking relationship. it is your right to demand the services promised by the bank. and if you do not get the services promised by the bank, you can make a complaint against it – first to the higher authority of the bank concerned. if it does not get resolved there within a reasonable time or to your satisfaction, you can approach the banking ombudsman. the banking ombudsman is appointed by the reserve bank to provide an easy, hassle - free and less costly forum to the bank customers to resolve their banking disputes. there is one banking ombudsman in virtually each state, who can be approached through mail or even through internet for resolution of complaints against the banks. the reserve bank is also in the process of improving its own processes so that its major direct customers, namely the governments and the banks get good service from the central bank. two departments of the reserve bank are already iso certified which means that the processes in these departments are streamlined for rendering better and quicker customer service and are constantly updated. we are in the process of obtaining this certificate for the other departments of the rbi also, which deal with the public. we have consciously adopted a policy of reaching out to people, common persons so that they know what to expect, what choices they have, what rights and obligations they have in relation to banking service etc. we already have several publications through which we reach out to researchers, students and other technical audiences. now our resolution for 2007 - 2008 is to reach out to the common person through a special drive. we have, therefore, undertaken a financial education and financial literacy drive for the common man. we are doing this through banks and also directly. my talking to you like this in regional mother tongue telugu is a part of this initiative. very soon, you