Reserve Bank of India suggest five-point action plan to improve financial education

For promoting financial education, Reserve Bank of India (RBI) on Thursday came out with a '5- core actions' which among other things include the development of relevant content for school children and adult, participation and collaboration among several stakeholders.

The '5-Core actions' strategy contains Content, Capacity, Community, Communication and Collaboration.

Enhancing financial inclusion has become one of the most important development plans of both the Government of India and financial sector regulators (RBI, SEBI, IRDAI, PFRDA).

There would be systematic monitoring undertaken by various stakeholders for discrimination of basic, sector-specific and process literacy.

Based on the reviews of strategy and various development took place in the last 5 years, The National Centre For Financial Education (NCFE) has prepared the revised NCFE (2020-2025) the document said. The NCFE document aims at supporting the Government of India and financial sector regulator by empowering several sections to develop skills, knowledge and behaviour which are needed to maintain their future, the document said.

The policy approves adoption of multi-stakeholders to approach financial well- being of all Indians.