Hidden Cash Lures Subbarao to Rural India Worth $24 Billion
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Uttar Pradesh farm laborer Ram Singh had a plea for Duvvuri Subbarao when the central bank governor made one of his regular forays to India’s rural heartland: Bring a bank to our village.
“Almost every year we’re hit by floods and I struggle to save my home, my belongings,” said Singh, 32, who lost the money he’d hidden in a grain bucket when his house was swept away in August by flash floods. “If we had a bank, I could at least protect the little savings I have.”