The building also embodies the approach that central banks took toward communications back then—meaning it is basically impenetrable. This approach can be summed up in a phrase attributed to Sir Montagu Norman, then Bank of England Governor: “Never explain, never excuse.” But times change. By the mid-1970s, trust in central banks was low as inflation was high and rising.
Accordingly, steps were taken to implement the scheme as a pilot in Bellary, Chitradurga and Gulbarga districts under “One district-multiple banks” model for routing payments through “no frills” accounts, or other bank accounts, under Mahatma Gandhi Rural Employment Guarantee Programme and Social Security Pensions schemes. Such account-holders will be issued biometric smart cards with individual IDs.