The drive will be run on pilot basis to aware people on e-transactions, formal sector borrowings and insurance purchases.
Six Non-Governmental Organisations (NGOs) namely CRISIL Foundation, Dhan Foundation, Swadhaar Fin Access, Indian School of Micro Finance for Women (ISMW), Samarpit and the PACE Foundation, registered with the Depositor Education and Awareness Fund, have been selected to execute the pilot project in collaboration with banks.
“The Reserve Bank is initiating a pilot project on financial literacy at the block level to explore innovative and participatory approaches to financial literacy,” said RBI.
According to the RBI, the pilot project will be commissioned in the nine states of Maharashtra, Chhattisgarh, Bihar, Odisha, Karnataka, Telangana, Andhra Pradesh, Haryana and Uttar Pradesh across 80 blocks in association with six NGOs and the sponsor banks.
The project will be carried over a period of three years, incurring a total cost of Rs 18.40 crore.