Kolkata: In the first such initiative, the Reserve Bank of India (RBI) will ask state governments and banks in states to support a strong “financial literacy and education” programme. “While financial inclusion is imperative, financial literacy and education should proceed simultaneously,” Usha Thorat, deputy governor, RBI, said at the 100th state level bankers committee meeting here.

“I suggest that a sub-committee of the state-level bankers’ committee be constituted to come out with a concrete plan for promoting financial literacy, which will be the first of its kind for any state”. “RBI is prepared to support financial literacy project in states with material and training if the state governments and banks are prepared to provide a dissemination mechanism through branches, panchayats and schools.

We have already started off explanation through comic strips and are looking at every way to empower individuals like print, cassettes, TV programmes etc”, Thorat said. She also called for forming associations of farmers to help them secure better linkages with markets and better bargaining strength in purchasing inputs. “Nabard can take the lead and along with a small group of framers can attempt a pilot in some areas of the state”, she added.