Reserve Bank of India has, for instance, started an initiative called e-BAAT (Electronic Banking Awareness And Training) for creating awareness on use of different retail electronic payment products for different target groups. Conclusion To conclude, let me reiterate that implementation of the new PFMI is going to be a big challenge before all of us.
Reducing trend unemployment is in part about reversing the hysteresis effects I described above. But it is important to remember that the crisis only added to an already troubling picture: structural unemployment in the euro area was estimated at around 9% even going into the crisis, compared with just 5% in the US.