Cradled in the lap of mountains at the foothills of auspicious Trikuta, besides the river Tawi at an altitude of 1030 ft. is Jammu. This 'city of temples' has many places...
International Centre for Cross Cultural Research and Human Resource Management (ICccR & HRM), University of Jammu organised a Visit-Cum-Panel Discussion on the theme, “Forex for You”, at Reserve Bank of India, Jammu for MBA-IB (Semester II) students. The objective of the visit was to acquaint students with the understanding of the Financial Markets, FOREX management and to understand the role of Reserve Bank of India as a regulator, developer and supervisor. The discussion at RBI centred on the role that RBI is playing towards digital banking, by managing four fundamentals that is financial inclusion, monetary stability, economic efficiency and financial stability.
The panellists for the discussion were Sh. H. K. Soni, General Manager, Foreign Exchange Department, Sh. Ruchir Sonkar, Manager, Foreign Exchange Department, Sh. K.S. Gauri, Assistant Manager, Banking Department and Sh. Sanjay Kumar, Assistant Manager, Issue Department.
Sh. H. K. Soni, General Manager, Foreign Exchange Department speaking on the occasion highlighted the importance of understanding the foreign exchange market in Indian context and its connect with the international businesses. Further, it was stressed upon that financial centers around the world function as anchors of trading between a wide range of buyers and sellers around the clock, and understanding of financial institutions beyond national boundaries holds relevance in today’s business scenario.
Sh. Ruchir Sonkar, Manager, Foreign Exchange Department elaborated upon the importance of holding foreign reserves for direct financing of external payments imbalances. The students through interactive discussion were made aware about the official reserves and its precautionary and transaction motives, keeping in view the aggregate of national interests, for achieving balance between demand for and supply of foreign currencies, for intervention, and to preserve confidence in the country’s ability to carry out external transactions.
Sh. K.S. Gauri, Assistant Manager, Banking Department laid down the shift that RBI is undergoing from being a supervisor and regulator to developer in terms of creating digital banking platforms with huge scope of penetration in rural hinterlands as well. The speaker also enabled students to understand the payment system architecture that includes secured usage of Cards (Credit & Debit), ATM network (NFS), White Label ATMs (WLA), Prepaid Instruments (Mobile Wallets National Unified USSD Platform (NUUP) (*99# service) Net Banking, Point of Sale (POS) & Card-less cash transfer.
Professor Deepak Raj Gupta, Director, International Centre for Cross Cultural Research and Human Resource Management (ICccR & HRM), University of Jammu expressed satisfaction over the conduct of visit as such like visit enhances the international business acumen and knowledge of students. He assured students that in future academic course work, the resource persons from RBI, with expertise in the area of international finance and banking will be on board for International Business students for providing them critical insights of international business.
Dr. Isha Sharma, Assistant Professor, ICccR & HRM, coordinated the visit