RBI revises funding limits for financial literacy camps
Published: Jul 14, 2017
By TIOLCORP News Service
NEW DELHI, JULY 14, 2017: THE Reserve Bank of India (RBI) had previously issued a circular on policy review of guidelines for Financial Literacy Centres (FLCs) and rural branches of banks. In terms of this circular, banks were advised that FLCs and rural branches are eligible for funding support from the Financial Inclusion Fund (FIF) for the financial literacy camps to the extent of 60% of the expenditure of the camp subject to a maximum of ? 15,000/- per camp.
Now, the FIF Advisory Board has, upon review, revised the funding support available to banks to the extent of 60% of the expenditure of the camp subject to a maximum of ? 5,000/- per camp.
Further, in order to improve the effectiveness of the financial literacy camps, it has been decided to encourage FLCs and rural branches of banks to use hand held projectors to show Audio-visuals and posters on financial awareness messages. Funding for handheld projectors and speakers would be provided from FIF to the extent of 50% of the cost incurred on purchase of hand held projector and portable speaker (both put together) subject to a maximum of ? 5000 per rural branch / FLC on a reimbursement basis.