RBI releases National Strategy for Financial Education

The National Strategy for Financial Education (NSFE): 2020-2025 document released by the Reserve Bank of India (RBI) on Tuesday has recommended a ‘5 C’ approach for dissemination of financial education in the country.

These include emphasis on development of relevant content in curriculum in schools, colleges and training establishments, developing capacity among the intermediaries involved in providing financial services, leveraging on the positive effect of community-led model for financial literacy through appropriate communication strategy, and, enhancing collaboration among various stakeholders.

This NSFE for the period 2020-2025, the second one after the 2013-18 NSFE, has been prepared by the National Centre for Financial Education (NCFE) in consultation with all the Financial Sector Regulators (RBI, SEBI, IRDAI and PFRDA), DFS and other Ministries of Govt. of India and other stakeholders (DFIs, SROs, IBA, NPCI) under the aegis of the Technical Group on Financial Inclusion and Financial Literacy (TGFIFL) under the Chairmanship of Deputy Governor, RBI.

The NSFE document has been approved by the FSDC-SC in its 24th meeting, held on June 18, 2020, the RBI said.

“The NSFE: 2020-2025 intends to support the vision of the Government of India and the Financial Sector Regulators by empowering various sections of the population to develop adequate knowledge, skills, attitudes and behaviour which are needed to manage their money better and to plan for the future,” the statement added.

The strategy recommends adoption of a multi-stakeholder approach to achieve financial well-being of Indians.

To achieve the vision of creating a financially aware and empowered India, certain strategic objectives have been laid down including inculcating financial literacy concepts among various sections of the population through financial education to make it an important life skill, encouraging active savings behaviour and developing credit discipline.

The strategic objective is also towards improving usage of digital financial services in a safe and secure manner; as well as bringing awareness about rights, duties and avenues for grievance redressal.

The NSFE document was released by M.K. Jain, Deputy Governor, RBI on Thursday.

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