Financial Quotient – The new mantra



Today, Reserve Bank of India, RPCD has released the format of Financial Diary.

The Diary is of 36 pages, with financial information spread over the 36 pages, in an easy to understand format.

It is expected that these diaries will be useful to participants of Financial Literacy Camps which will be conducted by rural branches of scheduled commercial banks. The diaries are expected to a major touch point, to encourage participants to attend the camps and also interact amongst them, to enable them to increase their quotient of finance literacy.

The Financial Diary has been prepared for distribution to the target audience with the objective of enabling them to keep a record of their income and expenses leading to better financial planning and understanding of how they spend.

Initially, the material will be in English and Hindi. In due course, the same will be translated to 16 Indian languages.

As more and more of our country men, become familiar with formal banking channels, it is expected that the financial transactions will migrate from non-formal channel, to formal banking channels. The benefits of such a migration are manifold, primarily being the strengthening of the banking channel.

The other important benefit is that this will enable the Government to migrate transactions to emode. One of the major prerequisites for the success of ePayments is a high finance literate quotient. In the ePayments channel, there will no physical visibility of the financial instrument, only book entries.

Re-disseminated by Prashant N. Banker by daytime, Blogger by night.

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