Reserve Bank of India to focus on financial literacy
India’s central bank, The Reserve Bank of India, has published a booklet on basic financial literacy concepts for the general public to encourage better banking and savings practices.
Messages of neutral financial awareness and information on budgeting, saving, responsible borrowing and credit scores are focal points for the Reserve Bank of India (RBI), which is seeking to promote health financial literacy amongst citizens with the release of a new booklet.
The release of the booklet, entitled FAME (Financial Awareness Messages), would be part of a new RBI initiative to build awareness around financial products and services, the use and role of technology and digital in finance, as well as usage of electronic remittances.
The shift from traditional banking to digital was a particular focus in the booklet, as well as the accompanying consumer protection and policy questions which changes would raise.
FAME would be available to download directly through the RBI central website in multiple local languages.