Pics: Umesh Marpalli
Daijiworld Media Network - Udupi (HB)
Udupi, Feb 20: A two-day Foreign Exchange Management Act (FEMA) exhibition-cum-interface organized by Reserve Bank of India, Bengaluru in association with Syndicate Bank was inaugurated at Golden Jubilee Auditorium, Manipal here on Friday February 19.
Managing director and CEO of Syndicate Bank Arun Shrivatsava inaugurated the programme by lighting the lamp. This was followed by a prayer song by Vidyalaxmi.
Regional director Reserve Bank of India Eugene E Karthak in his presidential address said, "There are six nationalized banks’ headquarters in Karnataka.
"Efforts have been made towards easy access of financial service and door-to-door service to be extended to unbanked villages. As many as 4,90,000 unbanked villages with a population less than 2,000 have been identified and are allotted banks which will be established within a time frame. Pradhan Mantri Jan Dhan Yojana has enabled a large number of people to open bank accounts," he said.
"India is the world’s fastest growing economy. As per the World Bank report of 2015, India has been ranked 142 out of 189 countries in its ease of doing business. Thanks to steps taken by the government, India is ranked 130 out of 189 countries this year.
"The Government of India has formulated the e-biz project for creating a one-stop shop for convenient and efficient online e-business towards community service. E-biz focus is on improving the business environment and services through online portals," he added.
"The objective of e-biz is to reduce time for establishing operations, expansion of investments and for enhancing transference in services," he said.
Arun Shrivatsava in his address said that the function of each and every organization, RBI Bank services and other bank-related services have undergone a change.
A K Pandey, chief general manager, FED, RBI Central Bank office, Mumbai in his address said that people must be educated about the functions of RBI as its decisions will in turn affect the public. RBI recommends financial availability and acts as a gatekeeper for the external sector.
"FDI policy must be simple, comprehensive and implementable. The functioning of FEMA has now made itself more rationalized and familiarized," he added.
Bengaluru RBI general manager Sudhanshu Prasad welcomed the gathering. Sylvester D'Souza compered while Bengaluru RBI assistant general manager Poornima P M proposed the vote of thanks.