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RBI to soon launch financial literacy drive in 9 states

Oct 11, 2017 15:27 IST
RBI to soon launch financial literacy drive in 9 states

The Reserve Bank of India (RBI) has decided to launch a financial literacy drive in 80 blocks in 9 states on a pilot basis to educate people on e-transactions, formal sector borrowings and insurance purchases.

The pilot project will be commissioned in 9 states including Maharashtra, Chhattisgarh, Bihar, Odisha, Karnataka, Telangana, Andhra Pradesh, Haryana and Uttar Pradesh.

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Key Highlights

Six non-governmental organisations registered with the Depositor Education and Awareness Fund have been selected to execute the pilot project in collaboration with banks.

The NGOs include CRISIL Foundation, Dhan Foundation, Swadhaar Fin Access, Indian School of Micro Finance for Women (ISMW), Samarpit and the PACE Foundation.

The total cost of the project over a period of three years would be around Rs 18.40 Cr.

Objective

• The main aim of the literacy drive is to infuse the habit of making a household budget and recording financial transactions, encourage transactions in savings accounts, and active saving by depositing in banks through fixed deposits and recurring deposits.

• The project also aims to ensure people borrow from formal finance institutions and approach banking Ombudsman for redressal of their grievances.

• It also aims to encourage e-transactions through electronic means such as NEFT, RTGS, IMPS, Internet Banking, Mobile Banking and UPI (Unified Payment Interface).

• The NGO will be educating people to buy life insurance and pension products.

The Reserve Bank is initiating a pilot project on financial literacy at the block level to explore innovative and participatory approaches to financial literacy.

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