HDFC Bank today launched rural Financial Literacy Initiative for farmers, Self-Help Groups (SHGs), Joint Liability Groups (SHGs),school children and villagers in Goa under the aegis of the Reserve Bank of India (RBI). HDFC Bank will conduct financial literacy camps at all 37 rural branches across the state. This initiative complements HDFC Bank’s efforts to support inclusive growth and take formal banking services to the remote corners of India.
At a function organized in Zuarinagar, Shri S. Ramaswamy, Regional Director – Maharashtra & Goa,RBI inaugurated the initiative in the presence of Ms. Meenakshi Gad, Joint Secretary – Finance, Government of Goa, Mr. Jorge Bravo D’costa, Senior Vice President and Circle Head – Goa, HDFC Bank, Mr. RajkamalVardharajan, Head – Key Accounts, HDFC Bankand other senior officials of the bank.
Through this initiative, the bank will conduct a series of three literacy camps in the vicinity of each rural branch in the state. These camps will give participants a conceptual understanding of financial products and services, using material provided by the RBI. HDFC Bank will use the Financial Literacy Guide & posters, as the standard curriculum while conducting these camps. This material has been made available in Marathi, Hindi and English, allowing participants to learn the material in the language they are most comfortable with.
The Financial Literacy Guide is a comprehensive document that contains a note for trainers, guidelines on how to conduct the camps, and financial literacy material. It also contains a Financial Diary to track expenditure and a set of 17 posters. The purpose of this guide is to create financial awareness and educate the common man on a number of topics such as management of money, importance of savings, advantages of saving with banks, other facilities provided by banks and benefits of borrowing from banks.
This initiative is in accordance with the central bank’s recent circular which recommended that banks should scale up financial literacy efforts in rural areas through their branch networks.
HDFC Bank has a network of 37rural branches in the state.At a national level, HDFC Bank has 55 per cent of its branches in semi-urban and rural areas and is continuously extending its reach in the hinterland in its endeavour to support inclusive growth.As of December 31, 2015, the Bank had anational distribution network 4,281 branches and 11,843 ATMs across 2,505 cities.