the strategy envisages ways of creating awareness and educating consumers on access to financial services ; availability of various types of products and their features ; changing attitudes to translate knowledge into responsible financial behaviour ; and enabling consumers of financial services understand their rights and obligations. the strategy necessitates active involvement of individuals, financial sector regulators, educational institutions, ngos, financial sector entities, multilateral international players and the governments both at centre and state levels. national strategy for financial education our national strategy envisages a time frame of five years for its massive financial education campaign and aims at establishing initial contact with 500 million adults, educating them on key saving, protection and investment related products so that they are empowered to take prudent financial decisions. it also seeks to create awareness about the consumer protection and grievances redress machinery available in the country. basic financial education is aimed to be included in school curricula up to senior secondary level. this is based upon the premise that the most effective way is to weave financial education into the normal content of curriculum. accordingly, we are engaging with the curriculum setting bodies like the national council of educational research and training ( ncert ), education boards like the central board for secondary education ( cbse ), central and state governments to try and embed such concepts in the school curriculum. one of the objectives of the nsfe is to standardise the messages that various stakeholders seek to disseminate through their financial education initiatives. the nsfe document identifies certain simple messages i mentioned earlier in my speech such as why save ; why invest ; why insure ; why save with banks ; why borrow within limits ; why repay loans in time ; why borrow for income generating purposes, what is interest and how moneylenders charge very high interest rates, etc. it is a well - recognised fact that standardisation will help in ensuring consistency in the messages which reach the target audience from various sources and making them more focused and powerful. integrated approach – financial inclusion through financial education we have already done some work in this direction. we have designed a mass scale financial literacy program to integrate the financially excluded population with low level of income and low literacy level with the formal financial system. the program is run through our financial literacy centres set up by banks, nearly 800 in numbers. about 40000 rural branches of the banks would scale up these efforts by conducting one outdoor literacy camp bis central bankers ’ speeches in a month. in addition to this we leverage the infrastructure created at the state level,

constantly developing our analyses. conditions change, with new operators, risks and technological developments. crisis management no matter how good we are at overseeing the financial system - and how well we succeed in making it more robust without losing too much efficiency - it is impossible to completely eliminate the occurrence of crises. we therefore need to be prepared to manage a crisis if one should nevertheless occur. if a crisis occurs, it is necessary to assess the scope and consequences as quickly as possible and to take the right measures to reduce the potential problems. we do not want a repeat of the dilemma faced by the riksdag in 1992. the riksbank can provide emergency liquidity assistance to a bank suffering problems. the requirements for this are that the problems are so serious as to threaten the stability of the system and that the bank is sufficiently sound to be able to survive in the long term if given assistance now. in other cases, the riksdag decides whether or not financial support should be given, as tax - payers may be affected. one difficulty is determining whether a bank fulfils these requirements in a crisis situation, when there is often considerable confusion and everything happens so quickly. by being well - prepared we have the possibility to decide whether or not a bank should receive assistance from us. the enormous flows in the payment system mean that all banks are dependent on being able to receive incoming payments in order to send their own outgoing payments. if this chain of payments is broken, for instance, if a bank suffers liquidity problems, there is a risk of contagion effects. in our planning work for managing an acute financial crisis, we work on the assumption that we will have between two and three hours to make decisions on possible liquidity support. it would be impossible to make these decisions so quickly if we did not already have well - founded knowledge of the various banks. the day - to - day oversight work is thus a necessary condition for assessing whether financial stability is threatened in the event of a crisis. future challenges a lot has happened in the riksbank ’ s work on financial stability. when we began our stability work in the mid - 1990s we were almost pioneers. the work began with a handful of people working with a relatively narrow focus - to detect at an early stage any vulnerability in the banking system that could lead to a new bank crisis. as i mentioned earlier, stability work has gradually become more important to a growing number of countries. reminders of the effects of financial crises have