How RBI plans to use Facebook, Twitter to simplify banking among youth

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Published: August 30, 2019 1:01:11 PM

With an aim to simplify banking and its workings to the youth, the Reserve Bank of India (RBI) now plans to aggressively tap social media platforms such as Facebook and Twitter.

RBI, RBI income, RBI balance sheet, foreign exchange gainsThe RBI is already using text and audio messages to reach the public as a part of its campaign to create awareness among the public on banking issues.

With an aim to simplify banking and its workings to the youth, the Reserve Bank of India (RBI) now plans to aggressively tap social media platforms such as Facebook and Twitter. There is a need to take to these popular social media platforms to reach the younger people as a part of its mass media awareness programmes, RBI said in its annual report 2019 released on Thursday. “Going forward, popular social media channels such as Twitter and Facebook will be used for two-way communication to ensure wider dissemination, lengthening of the life of each campaign and also to engage with the youth,” it said in the report. The RBI is already using text and audio messages to reach the public as a part of its campaign to create awareness among the public on banking issues.

The RBI and its governor Shaktikanta Das use two separate Twitter handles. The central bank also said in the report that it’s focus is on “two-day communication” with the public which is anchored by “transparency, timeliness and credibility”. The communication department of the central bank will also come up with the media workshops in its regional centres, the RBI added.

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Meanwhile, in the annual report released yesterday, the RBI said that reviving consumption demand and investment in the economy is the topmost priority for it. According to the RBI the latest slowdown could be in the nature of a soft patch mutating into a cyclical downswing, rather than a deep structural slowdown. However, there are still structural issues in land, labour, agricultural marketing and the like that need to be addressed soon, it added. “The diagnosis is difficult; these conditions are hard to disentangle cleanly, at least in the formative state,” the central bank stated.

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