Financial Literacy Centers
FLC || FLC DataBase
Financial literacy is a pre-requisite for effective Financial Inclusion, which will ensure that financial services reach the unreached & under-reached section of the Society. In order to provide this, the Bank may establish FLCs on its own and may establish Financial literacy centres as per the directions of RBI/DFS/ Govt of India/SLBC, to promote financial literacy.
Sponsoring Banks are having their own arrangements to monitor the FLCs.
The Department of Financial Services (DFS), MoF, and GoI has vide their letter no. DO No. 1/9/2014-FI dated 09.07.2014 on ‘Action Plan for Comprehensive Financial Inclusion’ has directed the Banks to extend Financial Literacy Programme to block level from district level at present.
Educate people in rural and urban areas with regard to various financial products and services available from the Bank, such as, organizing group meetings, gramasabhas, participation in publicity campaign, distribution / display of publicity materials on FI such as posters, pamphlets, organizing skits, magic shows, debates, essay writing competition, quiz for school children in FI villages, etc.
Develop promotional video/short films, participate in publicity/promotional programmes organized by IBA, RBI & GOI and share the expenses involved.
The Bank may map all the identified Skilling centers (ITI) and local schools in the villages to impart Financial Literacy to all the students through FLCs by organizing Financial Literacy training camps/sessions.
Financial literacy activity of the Bank aims at providing basic financial knowledge to the villagers in simple and understandable ways.
In Karnataka, there are 177 FLCs sponsoring by 7 Banks namely Canara Bank(50), State Bank of India(50), Union Bank of India(24), Bank of Baroda(15), Bank of India(1), Karnataka Gramin Bank(22), KVGB(10) and Karnataka Bank Ltd.(5).