has meant that productivity growth has been unusually weak, with non - farm business productivity declining significantly during the past two quarters and rising by only 0. 3 percent over the past year. it also implies that the future path of productivity growth will be important in determining the outlook for employment growth and the prospects for further progress in u. s. labor market conditions. because it is unclear exactly why productivity growth has slowed recently, it is difficult to be confident about what it will do in the future. one reading of the data is that some of the slowing seems likely to be persistent. for instance, the weakness in capital spending evident during much of this economic expansion means that the contribution to productivity from capital deepening has dropped sharply in recent years. 2 also, the u. s. labor market appears to have become less dynamic – perhaps due, in part, to an older workforce. less movement of workers across jobs could lead to a less efficient allocation of workers ’ skills, which would hurt productivity growth. that said, it seems unlikely that productivity growth will remain as weak as it has been over the past year. there is considerable evidence that technological progress continues at a healthy pace. just look at the advances that have occurred in health care, oil and gas extraction and the development of smartphones. moreover, because it takes time for for example, see alan blinder, “ the mystery of declining productivity growth, ” wall street journal, may 14, 2015. bis central bankers ’ speeches technological advances to be adopted broadly throughout the economy, it seems unlikely that the productivity gains from recent innovations have yet been fully realized. because i am uncertain about the near - term trends of gdp growth and productivity growth, i am also uncertain about whether we will see further progress in the labor market over the remainder of the year. there are many possible outcomes to consider. for example, if real gdp growth were to pick up more than productivity growth, then employment growth would likely remain sufficiently firm to lead to further tightening of the u. s. labor market. but, if the reverse occurs, then payroll gains could slow even as gdp growth strengthens. in contrast to my uncertainties about growth and the labor market, i am becoming more confident that inflation will return to our 2 percent objective over the medium term, as long as the labor market continues to improve – an important caveat. the reasons here are straightforward. first, a number of factors that threaten to keep inflation below our 2 percent objective appear to be transitory.

k c chakrabarty : financial literacy and consumer protection remarks by dr k c chakrabarty, deputy governor of the reserve bank of india, in a panel discussion on “ financial literacy and consumer protection ”, washington dc, 22 april 2012. * * * globally, the triad of financial inclusion, financial literacy and consumer protection has been recognized as intertwining threads in pursuit of financial stability. for any kind of stability, whether financial, economic, political or social, inclusive growth is an essential prerequisite. inclusive growth, in turn, is largely driven by financial inclusion and an inclusive financial system. financial inclusion and literacy financial inclusion and financial literacy are complementary to each other. for emerging market economies, ensuring adequate access to financial products and services is more important at this stage but financial literacy creates demand for these products / services. in advanced economies, the access is not that important an issue. thus, it is a global problem with global dimensions. india ’ s strong financial inclusion / literacy architecture the institutional structure for india ’ s financial inclusion / literacy programme is unique as it has an apex body in the financial stability and development council ( fsdc ), headed by the finance minister of government of india, mandated, inter alia, to focus on attaining financial inclusion / literacy goals. with heads of all financial sector regulatory authorities being part of the fsdc, it seeks to ensure inter - regulatory co - operation for attaining the stated goals. our approach to financial inclusion ( a ) structured, planned approach we have a structured and planned approach to financial inclusion wherein all banks have prepared board approved financial inclusion plans ( fips ) with a three year horizon extending up to 2013. the initial goal of providing access to banking services to all villages bis central bankers ’ speeches with population more than 2000 by march 2012 has been successfully met and we are on our way to ensure the same for all villages in a time bound manner. the focus is also on the volume of transactions in new accounts opened as a part of the financial inclusion drive. ( b ) bank led model in india, we have adopted a bank - led model for financial inclusion which seeks to leverage on technology. the fi initiatives would have to be ict based and would ride on new delivery models that would need to be developed by the market participants to best suit their requirements. our experience shows that the goal of financial inclusion is better served through mainstream banking institutions as only they have the ability to offer the suite of products required to bring in