, we are engaging with the curriculum setting bodies like national council of educational research and training ( ncert ), education boards like central board for secondary education ( cbse ), central and state governments to try and embed such concepts in the school curriculum. channels of financial literacy taking into consideration different cultures and market development needs, we are adopting a multi - channel approach to cover different financial and education levels in various age groups. we have a link on financial education on the rbi website for the common man, containing material in 13 indian languages, which includes comic books on money and banking for children, puzzles, competitions, etc. top executives of reserve bank of india undertake outreach visits to remote villages on a continuous basis to spread the message of financial awareness and literacy. a young scholars scheme has been instituted wherein, around 150 graduate students are selected each year from across the country, who are provided summer internship in various offices of the reserve bank and are expected to submit small project reports relevant to the bank ’ s functioning. moreover, these young scholars are required to visit some schools in their region and explain their project to school students, so as to create greater awareness among the school students regarding the functioning of the reserve bank. besides, town hall meetings, participation in information / literacy programmes organized by press, enacting plays and skits, arranging stalls in local fairs / exhibitions, etc. are some other initiatives towards this objective. who all are partnering in this initiative? everybody has to be involved in the financial literacy efforts. in india, a large number of stakeholders including the central and state governments, financial regulators and players, civil society, educationists and others are involved in spreading financial literacy. as we have adopted a bank led model for financial inclusion, banks are actively contributing to our financial literacy initiatives by setting up financial literacy and credit counselling centres with focus on educating people on availability of various deposit, credit and remittance products offered by banks, so as to create demand for the same, with the aim of attaining financial inclusion. as on march 31, 2012, there are 429 flccs functioning throughout the country. use of mobile financial literacy vans by banks in the north eastern states, weekly radio programmes on financial literacy in some states by banks and similar programmes in tribal districts by nabard, awareness programmes on various government sponsored self employment schemes involving bank loans and subsidy by government agencies like kvic, dics, sc / st corporations, mass media campaigns, tie ups with educational institutes, financial

discuss certain other innovative developments which have the potential to be disruptive of course, but not of so desirable, or of questionable, relevance, or at least we need to be carefully monitoring and be vigilant. in particular, i want to discuss two developments – digital money or crypto currency and crowd funding. 31. what is crypto currency? crypto currency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. 32. what is crowdfunding? crowdfunding is the practice of funding a project or venture by raising monetary contributions from a large number of people, typically via the internet. crowdfunding is a form of alternative finance, which has emerged outside of the traditional financial system. 33. are these disruptive innovations for inclusive growth? both these developments are based on leveraging technology in unusual way, so they are innovative ; both have the great potential to be disturbing the standard ways in which currency and credit systems are operated, and so are disruptive. do these developments have potential implications for financial inclusion? yes, of course ; they both can assist financial inclusion and therefore inclusive growth. crypto currency can support activities which do find difficulties in settling such transactions in the normal ways. the crowdfunding can help some funds needy person bis central bankers ’ speeches or entity, in searching and locating those who have the particular aptitude and willingness to help that person or entity, as only such people / entities respond to the crowdfunding call. this way both can support financial inclusion. 34. then, why do i say that they may not be desirable? why do i say that they may be questionable? for one thing, they both hope to operate in a regulator free environment. in matters financial, it is a quintessential received wisdom of several centuries that unregulated financial system has immense scope for depriving ordinary public of their hard earned money and therefore highly risky to be permitted to grow. it doesn ’ t stop there ; there will be no enforcer as well. this is extremely risky, especially when such a system operates internationally. it is true that in crowdfunding there will be a platform which does have the role of an enforcer. however, its effectiveness is questionable and mostly one - sided. secondly, both have the potential to support criminal, anti - social activities like money laundering, terrorist funding and tax evasion. while we