Affirming that financial inclusion wont happen without financial literacy, Union Finance Minister of India, Pranab Mukherjee, has brought the spotlight back on the need for more Financial Literacy programs.
At an international workshop on ‘Delivering financial literacy: challenges, strategies and instruments,’ organised jointly by the Reserve Bank of India and the Organisation for Economic Cooperation and Development (OECD), Mr. Mukherjee observed that the “outcome from the elaborate system of priority sector lending in India has been mixed.”
The Reserve Bank of India has recently initiated ‘Project financial literacy’ in 13 languages to disseminate information about banking concepts to various target groups.
The Finance minister said in India promoting financial education should be more at the basic level aimed at reducing the vulnerability and expand opportunities for the poor.
OECD’s efforts at creating financial inclusion and their study on the subject encompassing practical guidelines on good practices in financial education and awareness, were acknowledged by Mr. Mukherjee.
MTA continues to explore opportunities for expanding the reach of financial literacy programs in conjunction with other stakeholders in the sector.
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