Financial Literacy by FLCs and rural branches - Revision in funding limits

The Financial Inclusion Fund (FIF) Advisory Board has revised the funding support available to banks to 60% of the expenditure of the camp subject to a maximum of ₹ 5,000/- per camp.

It has been decided to encourage FLCs and rural branches of banks to use hand held projectors to show Audio-visuals and posters on financial awareness messages. Funding for it would be provided by FIF to the extent of 50% of the cost subject to ₹ 5000 per rural branch / FLC on a reimbursement basis.

The National Centre for Financial Education (NCFE) has prepared the following three audio visuals on the Financial Awareness Messages provided by RBI.

1.     Basic financial awareness messages such as address proof declaration under KYC norms, Use of Business correspondents, Electronic payment systems NEFT/RTGS and not falling prey to fictitious emails/calls and Ponzi schemes.

2.     Process of using the Unified Payment Interface through BHIM and

3.     Various ways of going digital and cashless.

FLCs and rural branches of banks are advised to use the audiovisuals while conducting financial literacy camps.

Based on RBI circular dated 13/07/17. Please visit www.rbi.org.in for any further clarification.......................... Poppy