RBI no to Islamic banking, says laws need amendment

Regarding financial inclusion, Subbarao said that having bank accounts alone does not guarantee inclusion. "Active use of the account and access to credit is also very important Even in big cities individuals with access to bank credit is low and most of the people depend on the unorganized sector for their short-term loan needs," he said. He also said that RBI planned to include financial literacy in the curriculum of primary schools and has prepared study materials for teaching the subject.

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