Rural Development

Topics: Financial services, Bank, Personal finance Pages: 3 (667 words) Published: June 22, 2013
Summary on Financial Literacy
Financial inclusion in rural communities has become the focus of increased attention in recent years. There have been a number of financial literacy training programs and efforts to enhance participation in the formal financial sector by rural households. In this paper we describe the simply design process, result and general observation i.e. Financial Literacy for community based micro-finance institution in rural India. Financial stability and financial inclusion is the two main objectives for dissemination of financial literacy. Credit counseling initiatives:

1) UNDP Role: Partnered with Government machinery and civil society in India, and focus on improvement in the quality of lives of the poorest of poor among the seven least developed states. 2) NABARD: set up with a mandate of facilitating credit flow for promotion and development of agriculture as well as evolved to occupy a pivotal position in the financial inclusion efforts 3) Micro saving: “market –led solution for financial services” is the tag-line used to create a successful partnership with the various stakeholders, financial institutions to promoting the financial inclusion. Financial Literacy Assessment Survey: Conducted by UNDP and NABARD, Micro save to assess the current status of financial literacy in UN focused states and to gather a relevant data from other similar programs operating in nationally and internationally. Concept of financial literacy

What is “Financially smart” or financial literate is the combination of two part Market Investing knowledge and skills in one part and saving, budgeting, financial planning, and basics of banking in another part. Consumer protection

Consumer protection
Why is necessary? It forms a triad

Financial stability
Financial stability
Financial inclusion
Financial inclusion

Awareness
Awareness
Access
Access

Avoidance of financial crisis...
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