Reserve Bank of India, vide Circular dated 4th February 2009, advised all banks to set up Financial Literacy Centres (FLCs) in their Lead districts. The broad objective of the FLCs is to provide free financial literacy and credit counselling to all segments of the society. FLCs create financial awareness on various financial products including deposit, loan, insurance, and digital products which enables general public to have better financial planning and help them inculcate the habit of financial prudence.
With the main objective of imparting financial literacy and facilitating effective use of financial services by the common man SBI has set up 341 Financial Literacy Centres (FLCs) across 28 States and 5 UTs. These FLCs are functioning from LDM Offices, branches and RSETIs and other premises. Retired JMG - I and above officials from any Scheduled Commercial Bank including RRB have been engaged as Counsellors of these Financial Literacy Centres.
Centre For Financial Literacy(CFLs)
CFL project was launched by RBI in 2017 to inculcate the habit of making a household budget and recording financial transactions, encourage transactions in Savings Bank Accounts and other deposit accounts, to protect common man from Frauds/Ponzi Schemes/Mis-selling of products, awareness about Social Security Schemes, ensuring that people borrow from formal finance institutions, Grievance redressal mechanism, use of electronic payment systems, encourage Life Insurance products and other pension products. CFLs are operated in collaboration with NGOs identified by RBI within the overall supervision of Commercial Banks.
As part of scaling up of CFL project by RBI, SBI has been allotted 245 CFLs in 735 blocks of 134 districts in 21 States, where we have lead district responsibility.