25/05/2016 1:29 PM IST | Updated 15/07/2016 8:26 AM IST

RBI To Award Prize To Authors Of Original Hindi Writing In Banking, Economics And Finance

BEN STANSALL via Getty Images
Reserve Bank of India (RBI) governor, Raghuram Rajan speaks during an event in central London on May 13, 2016.India's consumer prices rose 5.4 percent in April from a year earlier, the statistics ministry said Thursday, a sharper increase than economists had expected, driven up by higher food prices. / AFP / BEN STANSALL (Photo credit should read BEN STANSALL/AFP/Getty Images)

There’s a serious dearth of original Hindi writing in the fields of banking and finance, and Reserve Bank of India Governor Raghuram Rajan wants to change that by handing out handsome cash rewards to as many as three academics who are up to the job.

In a statement, RBI said it will award three new cash prizes worth ₹1.25 lakh each to promote “excellent writing in the field of banking in Hindi.” RBI will release further details, such as whether the awards will be handed out annually, later.

There's one caveat though: only university professors seem eligible for this cash award, according to the statement. The prizes will go to authors of original books on economics, banking and finance.

Rajan was speaking at a celebratory event marking 50 years of the founding of the Rajbhasha Department at RBI.

At the event, RBI Deputy Governor S.S. Mundra added that Indian banks should expand their use of Hindi and other Indian languages beyond just statutory information in important areas such as customer service and marketing, specially if they wish to increase their customer base.

We say, financial inclusion has just acquired a new meaning.

Contact HuffPost India

Also see on HuffPost: