Page 37 - Banking Finance April 2019

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include: developing physical and digital infrastructure, free helpline no. in 14 Indian languages, through which
regulatory framework, fostering competition, increased people can obtain information on varied financial matters.
financial awareness, grievance redressal mechanism and
scientific assessment measures. Realising the importance of 'catch early' SEBI has also
launched a programme 'visit SEBI' for school-goers. In
As at the end of March 2017, 1376 FLCs were operational addition, the institutions like IRDA, PFRDA, broking houses,
in the country and during the year 96315 financial literacy stock exchanges and Mutual Funds also have been taking
activities were conducted by the FLCs as against 87710 steps in this direction. Being the Ist Hindi business News
activities during the preceding year. To explore innovative channel, CNBC Aawaj has started the campaign from last
and participatory approach to financial literacy, the Reserve 15th Aug, celebrating it as 'Financial Freedom Day'. This
Bank is initiating a pilot project at the block level which is programme aims at imparting education to lakhs of villagers
being commissioned in nine states across 80 blocks by NGOs and the deprived, in banking, savings, credit etc. by the next
in collaboration with sponsor banks, under a common name financial year.
and logo "Moneywise Centre for Financial Literacy".
One thing is clear, this ambitious programme can not be fully
Following which an independent impact assessment study successful unless the citizens of our country arise themselves
would also be conducted. As integrity and consistency of data and get aware of their rights. Like many other provocative
are crucial for framing the policy and designing strategies, topics, money is something that kids hear about outside
an Automated Data Extraction Project (ADEPT) from banks homes as well, which exposes them to absorption of wrong
to the Reserve Bank and a portal to capture data relating perceptions about money management many a time,
to natural calamities will be implemented to strengthen the resulting in formation of bad money habits in them right from
existing processes for information and data collection from the foundation stage, so it will be worthwhile to impart basic
banks on a real time basis. This year also, Financial Literacy financial education to our children at school age only.
Week was observed during June 4-8, 2018 with the theme Secondly, if the Govt. sincerely wants to bring rural prosperity,
of customer protection, focusing on four consumer the panchayti Raj institutions need to be involved into.
protection messages viz. 1. Know your liability for
unauthorized electronic banking transaction 2. Banking MGNREGA beneficiaries need to be imparted financial
Ombudsman 3. Good practices for a safe digital banking education during their working days. Better would be, if
experience and 4. Risk Vs Return. Audio visuals have been one dedicated staff is posted in rural bank branches, for
designed for the benefit of general public on topics relating imparting the basic financial information to the customers
in their own language. Mobile internet users in India,
to Financial Literacy.
approximately, 350 million are expected to grow @ 50
These Audio visuals are on "Basic Financial Literacy", million every year till 2020. These numbers create enormous
possibilities- from going digital to creating new opportunities
"Unified Payments Interface" and "Going Digital". The RBI
to engage and share financial knowledge with consumers.
has developed tailored financial literacy content for five
target groups viz. Farmers, Small entrepreneurs, School Way forward: If we really want the two key aspects of an
children, Self Help Groups and Senior Citizens that can be efficient economy, Financial literacy and financial stability-
used by the trainers in financial literacy programmes. go hand in hand for enhancing the rural and tribal India's
ability to ensure economic security for their families, all
The central Govt. also does not lag behind, MHRD started stakeholders including consumers must work in conjunction
the campaign with the same objective from 1st December, with one another through a combination of innovative
2016, soliciting through video conferencing mode, the strategies. Ron Shevlin, the director of research, at
cooperation of educational institutions like IIT, IIM, NIT. It Cornerstone Advisors, has aptly said,
urged all the educational institutions to do their maximum
'The challenge for banks is not becoming 'digital' -
transactions in the digital mode. On the same lines,
Securities and Exchange Board of India (SEBI) has been it's providing value that is perceived to be in line
organising workshops, seminars on Financial Literacy for with the cost, or better yet, providing value that
different sections of society. Recently, it has introduced a the consumers are comfortable at paying for'. T

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