The Reserve Bank of India (RBI) and the National Centre for Financial Education (NCFE) have rolled out financial literacy campaigns nationwide to foster financial awareness and inclusion. These initiatives, part of the National Strategy for Financial Education (NSFE), are focused on empowering diverse groups in society with essential financial knowledge and skills. They’re conducting special programs aimed at different age brackets, particularly the youth (under 18) and senior citizens (over 60).
Key Highlights of the Financial Literacy Campaigns
1. Financial Literacy Centres (FLCs) Initiative
- Lead banks have been tasked with establishing Financial Literacy Centres (FLCs) to enhance financial education.
- Additionally, banks are organizing special camps aimed at various target groups through these FLCs.
2. ‘RBI Kehta Hai’ Campaign
- A multi-media, multilingual public awareness campaign.
- Uses TV, radio, print, and digital platforms to educate people on safe banking practices and financial literacy.
3. Mass Media Financial Awareness Campaigns
- Financial awareness messages disseminated to all age groups.
- Focuses on safe digital transactions, fraud prevention, and grievance redressal.
4. Financial Awareness Messages (FAME) Booklet
- Developed by RBI to standardize financial literacy content.
- Includes specific content for various target groups, including senior citizens.
5. Financial Education (FE) Programs by NCFE & CFL
- Regular financial education programs for youth (below 18 years) and senior citizens (above 60 years).
- Conducted in collaboration with the Centre for Financial Literacy (CFL).
6. NCFE’s National Strategy for Financial Education (NSFE)
- Designed in consultation with Financial Sector Regulators.
- Aims to develop financial skills, attitudes, and behaviors for effective money management.
7. Financial Literacy Programs in North East India
- 54 Financial Literacy Programs conducted in the last three years in North-Eastern States.
- Positive participant feedback on understanding financial concepts, grievance redressal mechanisms, and financial fraud protection.
8. Pan-India Financial Literacy and Inclusion Survey (2017)
- Conducted in 29 states and 5 Union Territories (excluding Andaman & Nicobar Islands).
- Based on OECD/INFE (International Network on Financial Education) Toolkit.
Financial literacy measured across three components
- Financial Knowledge
- Financial Attitude
- Financial Behavior
9. Government’s Commitment to Financial Inclusion
- Ministry of Finance actively monitoring financial literacy programs.
- RBI and NCFE ensuring nationwide financial awareness and inclusion.
