FSDC has constituted a Sub-Committee to focus solely on Financial Inclusion and Literacy. In our multi agency approach, Reserve Bank has taken a lead role in spreading financial inclusion and financial literacy, both in terms of creating an enabling policy environment and providing institutional support.
The exposure to the sub-prime market became all the more pervasive, with banks and hedge funds in the US, UK, and Australia, to name a few, indicating exposure to this market. The global nature of the problem was particularly highlighted when the second largest bank in the Eurozone froze access to certain of its investment funds on 09 August 2007.