RBI to Launch Financial Literacy Drive in 9 States

Published on October 10, 2017
The Reserve Bank of India is all set to launch a Financial Literacy Drive to educate people on e-transactions, formal sector borrowings and insurance purchases.

  • Thr drive will be launched in 80 blocks in nine states on pilot basis.
  • RBI has selected six NGOs to execute the plan.
  • The six organisations are:  CRISIL Foundation, Dhan Foundation, Swadhaar Fin Access, Indian School of Micro Finance for Women (ISMW), Samarpit and the PACE Foundation.
  • Nine states that are selected for the drive are: Maharashtra, Chhattisgarh, Bihar, Odisha, Karnataka, Telangana, Andhra Pradesh, Haryana and Uttar Pradesh
  • The aim of this drive is to inculcate 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.
  • e-transactions through electronic means viz NEFT, RTGS, IMPS, Internet Banking, Mobile Banking, UPI (Unified Payment Interface) etc will be encouraged. 

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