Financial Literacy Campaign successful Updated On 2017-12-29
Financial Literacy Campaign (FLC), the comprehensive programme chalked out by Kudumbashree Mission to provide a platform to NHGs to be aware of and to get benefited from formal banking services becomes a huge success. Through this campaign, 11000 NHGs from across the state also availed bank loan services. Interest subsidy is also given to those NHGs who take advantage of bank loans.
Even though, such favorable situations like interest subsidy were in existence, many NHGs weren't ready to avail bank loans. The Financial Literacy Campaign was conducted after identifying such NHGs. Out of the 2.7 lakh NHGs in the state, 84281 NHGs hadn't availed any bank loans. The Financial Literacy Campaign focused mainly on them and through which 11,000 NHGs availed bank loans.
So far, 1603 Financial Literacy Campaigns were conducted through CDS under the leadership of 14 district missions. It is planned to avail bank linkage to 20000 NHGs by this financial year itself. It was noted that the lack of knowledge about banking procedures, misconceptions regarding interest rates and lack of awareness about banking ombudsmen etc had pulled back the NHGs from availing loans. Resource persons identify the NHGs who haven't availed bank loans so far and gave classes on bank loans, interest concessions, rules and ways to avail bank loans.
Financial literacy programs was also conducted to address Balsabha Children as well for making them fully aware of the importance of saving habits, banking operation and other financial transactions with bank at their tender age itself.