State Boards to Adopt RBI’s Financial Literacy Program for Schools: Official

The RBI along with other regulators has prepared a financial literacy program for school education boards and all but three states have agreed to include it in their curriculum, an official said on Monday.

“If we could inculcate basic financial literacy in school education, it would be much better to expand financial literacy in the country,” RBI Executive Director Anil Kumar Sharma said here.

All but three state school boards of education have agreed to include it in their curriculum, he said.

“We have developed content in consultation with all regulators that is being offered for inclusion in the curriculum of state boards of education.

“And as the curriculum is revised, school boards will include it. So, in future, we will have this syllabus especially for classes 6-10,” Sharma said here while addressing the Sa-Dhan National Conference on Financial Inclusion 2022.

He further said that the RBI is in the process of reviewing the entire Business Correspondent (BC) framework as it has not lived up to expectations.

BCs are the short answer to last mile connectivity for financial literacy in terms of access, usage and quality.

But due to various factors, including regulatory constraints and operational impediments, they could not deliver the way RBI expected of them, he said.

“We are in the process of reviewing this whole BC framework, the role of corporate BCs, the services they offer, what are the problems with them and the low level of participation of women, etc.

“These are the issues we are engaged with (right now) and we will come up with a full set of regulations on how to revamp this particular framework, that can help us achieve what we are trying to achieve,” the official said.

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