ANSCB changing lives with FLCs

<7 Centres set up <60,000 persons covered <Over 1800 financial literacy in 2017-18
Report by: 
Port Blair
3 Nov 2018

With an eye to create awareness among the financially excluded people living in the rural areas and to promote financial literacy among the population in this territory, the Andaman and Nicobar State Cooperative Bank Ltd. has set up seven Financial Literacy Centres (FLCs) in association with NABARD at places like Hut Bay, Chouldhari, Rangat, Mayabunder, Diglipur, Nancowry and Campbell Bay. The bank through these FLCs has covered 60,000 persons and conducted over 1800 camps across the islands in the last financial year.
FLCs are basically centres for imparting financial knowledge to the general public in the rural areas. Financial literacy creates demand for financial product and services, thereby, accelerate  the pace of financial inclusion as it enable the common man to understand the needs and benefits of the products and services offered by the banks. Towards this objective, RBI had issued revised  guidelines on the financial literacy centres on June 6, 2012, advising banks that FLCs and all the rural branches of banks should scale up financial literacy efforts through conduct of outdoor financial literacy camps, at least once in a month, to facilitate financial inclusion through provision of the two essential i.e. financial literacy and easy financial access.
Financial Literacy Centres have been tasked to provide financial knowledge and the ability to use it for taking sound financial actions and decisions so as to help masses to access banking products and its services. RBI is making extra-ordinary efforts for eradicating financial illiteracy and to achieve the goal of creating awareness among financial issues,  a project called “Project Financial Literacy” was been implemented.
The primary tasks of FLCs is to create awareness, provide education and training to the rural prudent customers to get access to modern banking technology based products and traditional products such as direct benefit transferring systems, Government supported development programmes. The Financial Literacy Centres should actively engage customers in the financial awareness programmes, training, education, counseling etc. to the vulnerable sections of the society.  Banking sector in India is still in the developing phase, the objective is to go further for the fulfillment of a financial knowledge society by enriching the functioning of financial literacy and counseling Centres in the country.