to draw up the best practices. in particular, we need to study the link between financial literacy on the one hand and financial inclusion and improved financial outcomes on the other so as to understand which models have been effective. • second, financial literacy programs require trained instructors. to be most effective, these instructors or counsellors must be available to clients at the time when they are making important financial decisions. the awareness and timeliness of financial advice, are important to make financial literacy useful and relevant. in this context, it would be useful to study successful experiments from ngos such as sewa which started a financial counseling training service for poor self - employed women, including a training for trainers, and identify how we can mainstream those one - off successes in a cost effective way. • technology has the potential to enhance the development of financial literacy, both as a delivery channel ( e. g., the internet ) and as an intrinsic part of the learning process ( e. g., instructional computer ). technology can also bridge distances for those living in rural and remote communities. how can we best leverage communications and technology in ways to engage and empower people in the area of financial literacy? recognizing that people receive, learn and digest information in different ways, it would be useful to survey all possible avenues of communication to determine the best way of capturing people ’ s attention and interest. the use technology in the training of trainers could also be explored. let me stop there so that you can get on with the serious business of engagement with issues in financial literacy. once again my thanks to oecd for partnering with the reserve bank and best wishes for the success of this workshop.

measured upto the requirement of periodically auditing the assumptions and inputs that go into calculating various statutory ratios relating to liquidity risk management. we also observe that even in some large nbfcs, there is lack of capacity building in their mid office and back - office functions, which can seriously compromise the assessment and monitoring of the alm and liquidity risk. inadequate attention and independence of assurance functions amidst the escalating complexity of risks, it is disconcerting to note that nbfcs have the lowest average number of compliance staff relative to their size compared to other sectors like commercial and cooperative banks. despite regulatory measures aimed at ensuring the autonomy of these functions, it is disheartening to encounter instances where heads of assurance functions are given junior positions within the hierarchy or there is lack of direct access to the board. further, instances of dual - hatting with other roles is also observed. such practices undermine the effectiveness and independence of assurance functions, potentially exposing nbfcs to heightened risks, thereby attracting enhanced regulatory scrutiny. independence of assurance functions is therefore sacrosanct, and there must be no compromise on this front. clear delineation of responsibilities and a robust framework for independence are vital to preserving the credibility of your roles. it is imperative that nbfcs prioritize the strengthening of their governance structures, ensuring that heads of assurance functions are positioned appropriately within the organizational hierarchy and granted direct access to the board. this will not only enhance the credibility and effectiveness of assurance functions but also bolster the overall risk management framework of nbfcs. while we have had interactions with the board directors of banks and nbfcs and shared these expectations, it is also necessary that as heads of assurance functions, each one of you conduct yourselves in a manner in which you don't diminish or compromise such independence. 3 / 5 bis - central bankers'speeches fair and transparent conduct towards customers customer protection is one of the core elements of policy making at rbi. given the service - oriented nature of the financial services industry, safeguarding the interests of customers should rank foremost among the priorities of our regulated entities as well. transparency in pricing is essential to build trust and confidence amongst customers. towards our ongoing commitment for principle - based regulations, rbi has given the liberty of benchmarking and pricing of loans to the boards of nbfcs, but the master directions in this regard clearly state that rates beyond a certain level maybe seen to be excessive which can neither be sustained nor be considered as