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RBI deputy governor: Need to educate public about nature of gold investments

Jun 28,  8:29 PM Reserve Bank deputy governor KC Chakrabarty today said that educating the common man about the speculative nature of gold investments is the key to bring down the high import of gold which is straining current account and pulling down the rupee. He told reporters on the sidelines of a CII-organized banking technology meet in Mumbai that what will bring down gold imports is creating awareness in the society that gold is not a proper investment for the poor. It is a speculative investment and we need to change our culture. He, however, did not give a direct answer when asked about reports that the RBI was contemplating a ban on the sale of gold coins by banks. Meanwhile, within a fortnight of the Finance Ministry asking banks to make electronic fund transfers free of cost, RBI Deputy Governor said that the banking regulator is firmly of the view that the plan should not be implemented as it is commercially unviable. Reserve Bank deputy governor K C Chakrabarty also criticized lenders for attributing their sudden fall in profits to migration to system-recognised NPA generation saying this is tantamount to misguiding investors.