Page 50 - Banking Finance July 2023

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grow and introduction of new business Entrepreneurs 2018. This website aims at increasing financial literacy from
to increase growth to the sector. retirement perspective.

Government initiatives for Financial In addition to the above, the Government of India has also
implemented several schemes in order to increase financial
Literacy
inclusion such as, Pradhan Mantri Jan Dhan Yojana, Pradhan
Financial Inclusion in India is an important agenda of Mantri Jeevan Jyoti Bhima, Pradhan Mantri Suraksha Bhima
the Government and regulatory bodies such as, Reserve Yojana, Atal Pension Yojana and PMJDYOD. These schemes
Bank of India, Securities and Exchange Board of India, are introduced for the ease of banking services, awareness,
Insurance Regulatory and Development Authority of and general insurance awareness. In addition to this, the
India, Pension Fund Regulatory and Development Government arranges several financial literacy programs like
Authority. financial education for children, retirement planning for
aged, commodity future markets and insurance for school
Initiatives of Reserve Bank of India students to educate and spread awareness among the young
population.
Reserve Bank of India, being the money market and the
banking regulator has launched basic and sector focused
RBI has prescribed the following topics
financial education. These include, financial literacy guides,
diaries and posters covering the tenets of financial wellbeing for basic financial education
such as savings, various concepts of interest calculations,
Savings, Borrowings, Concept of interest calculation (Simple
time value, inflation etc. To aid businesses, ATM payment
and Compounding), Time value of money, Inflation, Relation
systems, Ponzi schemes, financial awareness messages and between risk & rewards etc.
so on are some of the other contents covered.
Sector focused Financial Education:
Initiatives of Securities and Exchange
The content covers relevant topics in the banking sector
Board of India such as ATM, payment systems such as NEFT, RTGS, UPI,
USSD, awareness about sachet portal, keeping away
Securities and Exchange Board of India also focuses on
from Ponzi schemes, fictitious emails/calls, KYC,
enhancing basic and sector wise financial education. Being
exercising Credit Discipline, Business Correspondents,
the Indian capital and securities market regulator, it also
Aadhar Enrolment Centres and etc. A Financial
arranges events such as World Investor Week and mass
Awareness Messages booklet for general public and
media campaigns. It also has a dedicated investor website.
Posters on financial literacy for the Financial Literacy
Week have been made available on the Financial
Initiatives of Insurance Regulatory and Education webpage of Reserve Bank of India's website.
Development Authority of India
Public awareness campaign:
Like the other regulators, Initiatives of Insurance Regulatory
Important press releases, statements, regulatory
and Development Authority of India also works on content
guidelines, speeches, clarifications and events are
development by creating Brochures, Handbooks and so on.
tweeted on RBI's twitter handle '@RBI' and videos are
It has also created mandatory board approved policy for
relayed on RBI's YouTube link. A separate Twitter handle
insurers and arranges various seminars and quiz
'@RBI says' and Facebook page 'RBI Says' publish
programmes.
messages and information of interest for greater
awareness and understanding of the Bank's functions.
Initiatives of Pension Fund Regulatory Reserve Bank of India envisages limited two-way
and Development Authority communication and engagement over social media and
monitors its social media presence.
Pension Fund Regulatory and Development Authority has a
dedicated website called 'PENSION SANCHAY' launched in Over the years, RBI is constantly reaching out to the

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