March 22, 2010 6:18 PM

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India can achieve double-digit growth if people are brought under organised banking system: RBI GOV

RBI Governor D Subbarao today said India can achieve double-digit economic growth if millions of people, who are not covered by financial services, are brought under organised banking system which will raise the overall savings level.He said that providing complete financial services to nearly half the population, who have no access to them, could further raise household and overall savings, fulfilling one of the necessary conditions to achieve double-digit growth we aspire to.Mr.Subbarao said this at a workshop on financial literacy in Bangalore today.India had registered an economic growth of 6.7 per cent in Finacial Year 09 after posting over 9 per cent growth in the three preceding year, due to the global economic crisis.Quoting a study, he said around 60 per cent of labourers surveyed in India indicated that they store cash at home, while borrowing from money lenders at a high interest rates.

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