, the bank of canada responded forcefully, raising its policy interest rate from 0. 25 % a year ago to 4. 50 % today. that is working to reduce demand and rebalance the economy. we're still a long way from our inflation target, but recent developments have reinforced our confidence that inflation is coming down. and we are committed to getting inflation all the way back to 2 % so canadians can once again count on low, stable and predictable inflation and sustainable economic growth. with that overview, the senior deputy governor and i would be pleased to take your questions. 2 / 3 bis - central bankers'speeches 3 / 3 bis - central bankers'speeches

subsidized, it is important to ensure that they are not exploited. the need is to ensure that poor people who deserve credit are provided access to timely and adequate credit in a non - exploitative manner. financial literacy as a complement to financial inclusion, financial literacy aims to build peoples capability to use the financial products and services. as the first stage of literacy is to create demand, all institutions involved in delivery of financial products and services are contributing to our financial literacy agenda. this entails devising appropriate products and services, pricing them reasonably, understanding the risk, communicating it to customers and protecting the customers. multi - agency central bank led approach the central bank has taken a lead role in spreading financial inclusion and financial literacy. both in terms of creating an enabling policy environment and providing institutional support, the reserve bank of india is actively contributing towards the goal of universal financial inclusion in the country. fsdc has constituted a sub - committee to focus solely on financial inclusion and literacy. it is well recognized that to be effective financial literacy initiatives should ideally commence at school level although even at a later stage adult education would provide substantial benefits. realizing this, in india, we have engaged 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, in the fsdc sub - committee on fi and fl. a large number of other players are involved. all other financial sector regulators, banks, insurance companies, pension funds, nabard, corporates, industry associations, ngos and other members of the civil society are actively engaged in this process. thus, our basic approach could be described as a central bank led multi - agency approach. national financial literacy strategy one of the important tasks that the fsdc sub - committee is undertaking is to formulate our national financial literacy strategy document. it is being finalized with the following objectives : create awareness and educate consumers on access to financial services, availability of various types of products and their features. change attitudes to translate knowledge into behaviour. make consumers understand their rights and responsibilities as clients of financial services. bis central bankers ’ speeches who should be imparted financial literacy? contrary to popular perception, financial literacy has to be imparted to everyone in the economy viz. users and providers. in the indian context, the users are broadly the financially excluded resource - poor, the lower and middle income groups and high net worth individuals. equally important, banks