RBI, NABARD Officers conduct visit to CFL project at Anantnag

Financial Literacy Programme organized at Deethu Shangus

ANANTNAG, AUGUST 06: Officers of RBI and NABARD today conducted a joint visit to Centre for Financial Literacy (CFL) at Anantnag.

The CFL is a Reserve Bank of India’s pilot project on financial literacy at the block level to explore innovative and participatory approaches to financial literacy.

As part of functioning of CFL, the regular financial literacy programmes are to be conducted by CFLs. Meanwhile, during one such programme organized at Deethu Shangus, AGM RBI, Anoop Sharma informed that, CFLs are setup with an aim to create financial awareness among target groups in remote areas.

In Anantnag, five such CFLs have been set up through NGOs/Agencies viz. CRISIL and ResponseNet in Chattergul, Sagam, Dachnipora, Shahabad and Hiller. The main objective of CFLs is to educate people on e-transactions, formal sector borrowings and insurance purchases.

DDM NABARD Rouf Zargar informed that the aim of the CFL was to inculcate the habit of making a household budget and recording financial transactions, encourage transactions in savings accounts and active saving by depositing in banks through fixed deposits and recurring deposits.

Parvez, LDM Anantnag who is the nodal officer for the project implementation in the district informed that CFL also aims to ensure people borrow from formal finance institutions and approach banking Ombudsman for redressal of their grievances.