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RBI Governor delivered the keynote on National Strategy on Financial Education 2020-25
RBI Governor Shri Shaktikanta Das (PSU Connect)
New Delhi: RBI governor Shri Shaktikanta Das delivered the keynote at the webinar on ‘Investing in Investor Education in India: Priorities for Action’ which is organized by the National Council of Applied Economic Research (NCAER), New Delhi.
Shri Shaktikanta Das said I appreciate the thoughtful initiative of NCAER in choosing this topic for the webinar. As we inch towards the close of what has been an unprecedented year in terms of loss of lives and livelihood and the way of living in general, it would be appropriate to look at the area of financial inclusion and literacy which has both broad macro-level implications for financial stability as also a micro connotation towards an individual’s financial wellbeing.
The Government has been undertaking a series of calibrated macro measures through wide ranging structural reforms. We need to harness the demographic dividend by meeting the aspirations of a large young population, he mention.
This necessitates creating an enabling environment and infrastructure in the form of education, training and opportunity. Among all the prerequisites for achieving demographic dividend and accelerated growth, quality of human resources, greater formalisation of economy, a higher credit to GDP ratio and greater financial inclusion are the differentiating factors that would elevate our economy to the desired level, he Further add.
The largest impact in recent years came from the opening of Jan Dhan accounts and implementation of the Pradhan Mantri MUDRA Yojana (PMMY). The launch of Pradhan Mantri Jan Dhan Yojana (PMJDY) in 2014 has resulted in almost every household having access to formal banking services along with a platform for availing low value credit, insurance and pension schemes.
The launch of Pradhan Mantri Jan Dhan Yojana (PMJDY) in 2014 has resulted in almost every household having access to formal banking services2 along with a platform for availing low value credit, insurance and pension schemes.
Shri ShaktikantaDas also mentioned the NSFE 2020-2025 Vision, Strategic Objectives and 5C approach. The strategy includes a ‘5 Cs’ approach for dissemination of financial education through emphasis on development of relevant Content (including Curriculum in schools, colleges and training establishments); Capacity of the intermediaries who provide financial services and education; leveraging on the positive effect of Community led model for financial literacy through appropriate Communication Strategy; and enhancing Collaboration among various stakeholders.
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