senior citizens to enable them to make informed financial decisions. to support this we have nearly 800 financial literacy centres set up by banks. we have designed a mass scale financial literacy program with an objective to integrate the financially excluded population with low level of income and low literacy level with the formal financial system. financial literacy centres organize outdoor literacy camps which are spread over a period of three months and delivered in three phases wherein along with creating awareness, accounts are also opened in the literacy camps. way forward – issues and challenges structure with adoption of new branchless delivery channels by banks, there is a need for banks to revamp the structure for carrying out banking operations. there cannot be a fixed structured defined which can be adopted by all the banks. each bank has to based on its current architecture develop a structure that can enhance its financial inclusion efforts. this would entail the following : • review of the hr policies with respect to recruitment of staff in view of the fi requirements. separate cadre of staff can be thought off for catering to the needs of providing banking services in far flung rural areas. • banks have to think and act differently and make themselves more flexible so as to meet even the smallest requirements of the rural population. bis central bankers ’ speeches bc model there are many challenges being faced while implementing bc model. sustainability and scalability of the bc model is essential. more and more innovative products will have to be introduced which would benefit both banks as well as the rural people and at the same time make the bc model more viable. review of the cash management practices for delivery of banking services through the branchless modes need to be done for ensuring scaling up of the various models. transactions during the first phase of our fi initiative, we have had success as regards opening of banking outlets by banks and also in opening bank accounts for large number of individuals. going forward our idea is to enable more transactions in these accounts by providing more credit products, which will not only help rural people to avail of credit at comparatively lower rates of interest but at the same time also make the bc model viable for banks. banks have been advised to leverage upon the direct benefit transfer initiative of the government of india for linking all the individuals to the banking system and for utilizing the large amounts likely to be credited in these accounts for encouraging issue of deposit and credit products. collaboration finally, financial inclusion cannot be achieved without the active involvement of all stakeholders like rbi, other financial regulators, banks, governments, ngos, civil societies, etc. the current policy

reprofiling. the bank of greece has put forward a specific proposal for extending the weighted average maturity of interest payments on efsf loans by at least 8. 5 years. the calculations show that this could make a significant contribution to debt sustainability, even if primary surpluses were to fall to 2 percent of gdp from 2021 onwards rather than from 2023 as envisaged in the eurogroup agreement. if adopted, such a proposal would certainly support both the recovery of the economy and the country ’ s creditworthiness, especially, if the fiscal space created by the reduction of fiscal targets is used to reduce taxes on labour and capital. this mild debt reprofiling proposal is vital for debt sustainability in greece, while it involves only a negligible cost for its partners. it would pave the way for the inclusion of greek government bonds in the ecb ’ s quantitative easing programme, which in turn will facilitate sustainable market access. this will set in motion a virtuous circle : greater investor confidence in greece ’ s 6 / 9 bis central bankers'speeches economic prospects will encourage the return of more deposits to banks, allow for a smooth exit from the current programme, and, ultimately, the full abolition of capital controls. 6. some remarks about the future of the economic and monetary union ( emu ) last but not least, given that the recovery is accelerating in the euro area, now is the right time to consider the future of europe and in particular possible ways to strengthen the economic and monetary union. a lot has been done in recent years to enhance the functioning of the emu. policy actions have focused on addressing institutional weaknesses, structural fragilities and excessive risk taking that led to the sovereign debt crisis and the negative feedback loop between sovereigns and banks, which in turn undermined euro area stability. some key initiatives were the provision of intergovernmental loans to greece, the establishment of the efsf, and its successor the esm, the creation of a banking union and the application of stricter rules on banking regulation and supervision, the establishment of the european systemic risk board and the creation of appropriate macro - prudential instruments which allowed greater emphasis on identifying and addressing system - wide risks. moreover, various monetary policy interventions by the ecb played a pivotal role in supporting the euro area economy and safeguarding price and financial stability. despite these changes, the new institutional setting of the emu is far from being appropriate to address a future crisis. the