RBI comes up with financial literacy guide

The Reserve Bank of India (RBI) has prepared a comprehensive financial literacy guide to help in creating financial awareness and educating common people on the management of money, the importance of savings, advantages of saving with banks, other facilities provided by banks and benefits of borrowing from banks.

It contains operational guidelines which clearly spell out the manner in which financial literacy camps should be conducted so as to synchronise it with providing financial access and thus linking the financially excluded section with the banking system.

It contains guidance notes for trainers, operational guidelines for conduct of financial literacy camps and material. It also contains a financial diary. Besides that, there are posters with simple and appealing slogans, which communicate the messages of money management, savings, borrowings and basic banking products pictorially.

To start with, the entire material has been prepared in Hindi and English. It will also be translated in other Indian languages in due course of time.

In June, RBI had issued revised guidelines on financial literacy, advising banks that financial literacy centres and all the rural branches of banks should scale up financial literacy efforts through the conduct of outdoor financial literacy camps at least once a month to facilitate financial inclusion through provision of financial literacy and financial access.