You are here: Home » Finance » News » Banks
Business Standard

FLCs, banks' rural branches could target different segments: RBI

The banking regulator also said that there should also be adequate synchronisation at the ground level between the different stakeholders

BS Reporter  |  Mumbai 

Financial literacy centres, banks' rural branches could target different target segment: RBI

The Reserve Bank of India (RBI) on Thursday said financial literacy centres (FLCs) and rural branches of could adopt a tailored approach for different target groups including farmers, micro and small entrepreneurs, schoolchildren, self-help groups and senior citizens.

The regulator also said there should also be adequate synchronisation at the ground level between the different stakeholders like lead district officer of RBI, district and local administration, block-level officials, non-governmental organisations and panchayats, among others, during the conduct of financial literacy camps.

RBI said that subsequent to the financial inclusion efforts by RBI and opening of accounts by through the Pradhan Mantri Jan Dhan Yojana (PMJDY), considerable ground has been covered in the field of financial inclusion. It added that going forward, the focus was going to be on keeping the already opened accounts active.

RBI also advised that special camps for the newly included people in the financial system, including PMJDY account holders, should be conducted and they should be encouraged to make meaningful transactions.

Currently, Nabard is in the process of preparing a comprehensive policy on funding for setting up of FLCs by all RBI has said that with regard to detail on funding on financial literacy activities from the Financial Inclusion Fund, banks may follow guidelines issued by Nabard .

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, January 15 2016. 00:34 IST
RECOMMENDED FOR YOU
.