The Reserve Bank of India has been keen to spread financial education programs at both school and college levels in different parts of the country. While it ahs already started off with its mission in Karnataka as a pilot study, it also wishes to extend the program to Orissa.
The Central Bank wants to initiate the program in Orissa in conjunction with the Orissa State Government. In a meeting with the Chief Minister of Orissa Mr. Naveen Patnaik in December 2009, RBI Governor D. Subbarao had proffered this idea.
"We are awaiting the response of the state government to start the program", said Kaza Sudhakar, regional director of RBI-Bhubaneswar.
As a part of Platinum Jubilee Celebration, the RBI has been on its drive to bring about financial inclusion in all parts of India. Introduction of financial education in school and colleges is also a part of the financial inclusion drive of the RBI.
Financial literacy has become a necessity for all sections and age groups of the society irrespective of any gender bias. RBI has emphasized that it is only through financial literacy that mal practices like currency frauds can be curbed from the society.
RBI aims at 100 % financial inclusion in the country, said Sudhakar.
RBI has also decided to set up 200 model villages in India. Amongst these, nine are to be set up in Orissa.
Besides financial inclusion in these model villages, the villagers need to be completely aware about banking activities like deposits, advances, credit facilities and other schemes of the banks, he said.
Mr. Sudhakar further added that the financial education program has already been started in eight villages of Orissa and the ninth village is going to be added in the list on March 15, 2010.