Most States Agree To Adopt Reserve Bank Of India’s Financial Literacy Programme For Schools: Official

NEW DELHI: All states, with the exception of three, have agreed to include a financial literacy programme for school education boards that has been developed by the Reserve Bank of India (RBI) and other authorities, an official said on Monday. According to Anil Kumar Sharma, Executive Director of RBI, “If we could instil fundamental financial literacy in school curriculum, then that would be far better to spread financial literacy in the country.” He said that all but three of the state’s school education boards have agreed to incorporate it into their curricula.

“We have created a curriculum that is being presented for inclusion in state school boards’ curricula after consulting with all the regulators.” And the school boards will include it whenever the curriculum is being revised. Therefore, going forward, we will have this curriculum, particularly for classes 6 through 10, Mr. Sharma said at the Sa-Dhan National Conference on Financial Inclusion 2022. Additionally, he stated that the RBI is reviewing the entire Business Correspondent (BC) framework because it has not performed as expected.

For last-mile connectivity in terms of accessibility, usability, and quality, BCs are the quick solution. But due to a number of factors, such as regulatory limitations and operational challenges, they were unable to meet RBI’s expectations, he claimed.

“We are in the process to review this entire BC framework, the role of corporate BCs, the services which they offer, what are the issues with them and the low level of women participation etc. “These are the issues which we are engaged with (right now) and we will come up with a comprehensive set of regulations on how to revamp this particular framework, this can help us achieve what we intend to achieve,” said the official.