the objectives of the financial inclusion / literacy agenda is to ensure that the sections of the society that are hitherto undeserving of credit facilities are made credit worthy. initiatives such as setting up rural development and self - employment training institutes ( rudsetis ) and financial literacy and credit counselling centres ( flccs ) by different banks are aimed at ensuring this. some of the other steps taken by rbi to promote financial literacy are as under : outreach visits by top executives of reserve bank of india to remote villages on a continuous basis – to spread the message of financial awareness and literacy. rbi website – a link on financial education in the rbi website for the common man, containing material in 13 indian languages which includes comic books on money and banking for children, essay competition etc. awareness – by distributing pamphlets, comic books, enacting plays and skits, arranging stalls in local fairs, exhibitions, participation in information / literacy programmes organized by press inclusion of financial education material in school curriculum by various state governments use of mobile financial literacy vans by banks in the north eastern states weekly radio programmes on fl in some states by banks & similar programmes in tribal districts by nabard awareness programmes on various government sponsored self employment schemes involving bank loans & subsidy by government agencies like kvic, dics, sc / st corporations mass media campaigns tie ups with educational institutes, financial awareness workshops / help lines, books, pamphlets and publications on fl by ngos, financial market players etc. national & state level rural livelihood missions have large number of field functionaries for proper handholding support to large number of self help groups large number of other websites / portals of banks / / state level bankers committees disseminating information on banking services conduct of training programmes for farmers club, ngos & shg members by nabard banking ombudsman – quick and cheap forum of grievance redressal in india, we do have a law for consumer protection though not specifically for the financial sector consumers. in regard to bank customers, we have the banking codes & standards board of india ( bcsbi ) which is the standards setting body for banking services. the self - regulatory organization of the banking industry viz., indian banks association has evolved a fair practices code to be adopted by its members. bis central bankers ’ speeches to ensure that consumers are protected even in case of plain vanilla products, the reserve bank of india has instituted the banking ombudsman, an alternate dispute resolution mechanism. we are examining the possibility of

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