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RBI’s financial literacy program to be adopted by State boards


RBI’s financial literacy program to be adopted by State boards
RBI’s financial literacy program to be adopted by State boards

An official said on Monday that the RBI, along with other regulators, has prepared a financial literacy programme for school education boards, and that all states, with the exception of three, have agreed to include it in their curriculum.

RBI’s financial literacy program to be adopted by State boards

“It would be much better if we could instil fundamental financial literacy in school curriculum,” Anil Kumar Sharma, Executive Director of the Reserve Bank of India, said here.

Except for three, he added, all state school boards have agreed to integrate it in their curriculum.

“We have prepared content in conjunction with all regulators that is being presented for inclusion in state education boards’ curriculum, and the school boards will integrate it as and when the curriculum is revised.” So, in the future, we will have this curriculum, particularly for classes 6-10,” Sharma said here at the Sa-Dhan National Conference on Financial Inclusion 2022.

Furthermore, he stated that the RBI is in the midst of evaluating the whole Business Correspondent (BC) system because it has not delivered as expected.

In terms of availability, usage, and quality, BCs are the simple solution to last-mile connection for financial literacy.

However, due to a variety of issues, including legal constraints and operational barriers, they were unable to perform as the RBI had envisaged, he added.

“We are in the midst of reviewing the whole BC structure, including the role of corporate BCs, the services they provide, the difficulties they face, and the low level of female involvement, among other things.”

“These are the challenges that we are dealing with right now,” said the official, “and we will come up with a full set of regulations on how to overhaul this specific framework, which will help us achieve what we plan to do.”

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Akshat Ayush

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