All states agree to adopt RBI's financial literacy programme for schools, except 3: Official

NEW DELHI: The RBI along with other regulators has prepared a financial literacy programme for school education boards and all states except for three have agreed to include it in their curriculum, an official said on Monday.

"If we could inculcate basic financial literacy in school education, then that would be much better to expand financial literacy in the country," Anil Kumar Sharma, Executive Director RBI said here. All the state school education boards except for three have agreed to include it in their curriculums, he said.

"We have developed a content in consultation with all the regulators which is being offered for inclusion in state education boards' curriculum. "And as and when the curriculum is going for revision, the school boards will include it. So going forward, we will have this curriculum especially for classes 6-10," Sharma said here while speaking at Sa-Dhan National Conference on Financial Inclusion 2022.

Besides, he said the RBI is in the process of reviewing the whole Business Correspondent (BC) framework as it has not delivered as per expectations. BCs are the short answer to last-mile connectivity for financial literacy in terms of access, usage and quality.

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But due to various factors, including regulatory restrictions, operational impediments, they could not deliver the way RBI had expected from them, he said. "We are in the process to review this entire BC framework, the role of corporate BCs, the services which they offer, what are the issues with them and the low level of women participation etc.

"These are the issues which we are engaged with (right now) and we will come up with comprehensive set of regulations on how to revamp this particular framework, this can help us achieve what we intend to achieve," said the official.