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RBL Bank launches financial literacy program

RBL Bank UK development financial institution CDC have announced a new financial literacy program that will be rolled out in Madhya Pradesh. The initiative, which builds on RBL Bank’s ‘Saksham’ program, will aim to increase financial inclusion by extending financial literacy to around 25,000 individuals and 300 villages in four districts of the state during 2015. The program, which will be designed and implemented by Accion India, will target rural areas where levels of education are low and levels of financial exclusion are high. In depth classroom-style training will be supplemented by a mass awareness campaign that will specifically cater for people with low literacy levels. The program aims to empower consumers of the available financial Inclusion products and services and enable them to make informed choices and good decisions based on their lifecycle financial needs, educate them about their rights and responsibilities as consumers of financial products and services; and enable people to make optimum utilization of the available technology as well as the products & services that form a part of the financial inclusion eco-system. The themes covered by the program will include the importance of savings and insurance, managing household expenses, features of loans and interest computations, prudent borrowing, how to use ATMs and other banking technologies, and awareness of rights and responsibilities as consumers of financial products and services.

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