Financial Literacy Programme

Financial Literacy Programme

The name of this program Moneywise declares to promote Financial Literacy and awareness at grass-root level, was initiated by Reserve Bank of India (RBI) with Non Government Organizations (NGOs) in collaboration with sponsor banks for a three- year period, with funding support from Financial Inclusion Fund (FIF) and respective banks. The NGOs registered under DEA fund section of the Department of Regulation (DOR) of RBI were selected through a rigorous process of screening CFL will be located in block headquarters. Our experience shows that there is response to programs which are conducted in the villages, people from block find it difficult to visit the CFL. The CFL will be used coordinate the different activities which will be implemented through community workers and monitored by sponsored banks SBI, Indian Bank, BOI, SBI, PNB, UCO, Canara Bank.

So far Gram Sathi has reached out to over 800,000 women, youth and adult from low income communities through its different activities and experience of working with low income communities shows that rural people in the low income communities and villages have now different bank accounts in different mass account opening camps including schemes Pradhan Mantri Jandhan Yojna. But many of these accounts are operational due to lack of proper information and fear to operate bank accounts.

Gram Sathi has been partnered by Reserve Bank of India- Scale up CFL project for years in Bihar, Jharkhand.

The Objectives of the CFL as outlined by Reserve Bank of India are as following:

  • Inculcate the habit of making a household budget and recording Transactions
  • Encourage transactions in Savings Account.
  • Encourage Active saving by depositing in banks regarding Deposits/Recurring Deposits.
  • Ensure people borrow from formal finance institutions.
  • Create awareness about Grievance Redress Mechanism in banks Ombudsman.
  • Encourage transactions through Electronic means viz. NEFT, RTGS Internet Banking, Mobile Banking, UPI (Unified Payment Interface) etc.
  • Encourage people to get Life Insurance and Pension products after persuading the features of the products and feasibility of travelling. This will be finalized after we starting the villages and the response we receive at the local level.

Awareness Event

Conduct mass events in the village (this is subject of the size sit of the village). These events will be conducted to create a financial awareness of the financial education and about the CFLS. Events will be organized as point for the initiating training in community.

Action Event