Training camps to impart knowledge on digital transactions in villages: RBI

Financial literacy centres to train people on how to adopt digital platforms—unified payment interface (UPI) and unstructured supplementary service data (USSD)


The impact of the financial literacy camps will be assessed on an ongoing basis by the lead district officers of RBI. Photo: Mint
The impact of the financial literacy camps will be assessed on an ongoing basis by the lead district officers of RBI. Photo: Mint

Mumbai: Financial literacy centres (FLCs) will conduct special camps for one year starting from 1 April to impart knowledge of digital transactions in the villages, the Reserve Bank of India (RBI) said on Thursday.

In a notification on its website, the central bank said FLCs will train people on how to adopt digital platforms—unified payment interface (UPI) and unstructured supplementary service data (USSD).

FLCs are a part of bank offices or rural bank branches which are headed by a financial literacy counsellor. They identify different target groups ranging from farmers to small businesses and school children for which they conduct special camps.

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“Rural branches of banks are henceforth required to conduct only one camp per month (on third Friday of each month after branch hours). This camp will cover all the messages that are part of the financial awareness messages booklet and the two digital platforms UPI and *99# (USSD),” the RBI notification said.

FLCs and rural branches of banks are eligible for funding support for the financial literacy camps to the extent of 60% of the expenditure of the camp subject to a maximum of Rs15,000 per camp.

The impact of the financial literacy camps will be assessed on an ongoing basis by the lead district officers of RBI, the notification said.

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