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RBI to launch financial literacy drive in Odisha, 8 other states soon

KalingaTV News Network

RBIMumbai: With a view to educate people on e-transactions, formal sector borrowings and insurance purchases, the Reserve Bank of India (RBI) is going to launch a financial literacy drive – “Centre for Financial Literacy ( CFL) Project” in Odisha and eight other states on a pilot basis, according to a statement released by the RBI today.

The pilot project will be commissioned in 84 blocks in 9 states including Odisha, Telangana, Andhra Pradesh, Chhattisgarh, Bihar, Maharashtra, Karnataka, Haryana and Uttar Pradesh by six NGOs in collaboration with sponsor banks.

The total cost of the pilot project over a period of three years is estimated as Rs 18.40 crore.

The CFL project aims to inculcate the habit of making a household budget and recording financial transactions, encouraging transactions in savings accounts and active saving by depositing in banks through fixed deposits and recurring deposits.