asian seminar on financial literacy and inclusion ... bhushan gyan...1 11th september 2012 gyan...
TRANSCRIPT
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1
11th September 2012
Gyan Bhushan
Securities and Exchange Board of India (SEBI)
India
Asian Seminar on Financial Literacy and Inclusion
addressing the upcoming challenges
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2
Outline
From Financial education to “Financial
education and inclusion”
Issue of Investor protection
National strategy
Challenges and road ahead
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3
National Strategy on Financial Education
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Vision and Mission Statement
“ A Financially aware and empowered India ”
“To undertake massive Financial Education
campaign to help people manage money more
effectively to achieve financial well being by
accessing appropriate financial products and
services through regulated entities with fair and
transparent machinery for consumer protection
and grievance redressal.”
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Goals
Create awareness and educate consumers on access to
financial services, availability of various types of
products and their features.
Change attitudes to translate knowledge into behaviour.
Make consumers understand their rights and
responsibilities as clients of financial services.
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Action Plan with time frame
Five Year Time frame
Inclusion of basic FE in
School Curricula up to
senior sec. level
Structure as
envisaged in this
document
Initial contact up to
500 million adults
Awareness about consumer protection
and grievances redressal machinery
Financial Education to be delivered by trained
persons in a format suitable to each target
group
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Stakeholders
Individuals resident in India
Financial Market Players
Educational Institutions
Non Governmental Organizations
Financial Sector Regulators
Multilateral international
players
Government- both Central and State
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Road Map
National Survey
Assessment through Complaints and
Creation of Complaint Repository
Assessment of Needs through
International
Experience
Mapping of FE Content
in School Curricula Mapping of Efforts on FE
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Policy Design
Government/ Regulators
•Basic Financial Education
Regulators •Sector Specific Education
Intermediaries •Product Specific Education
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Content of Financial Education
Financial Competencies
Attitude
Risk assessment and confidence
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Financial Education for the illiterate
Role Plays
Charts
Informal discussions
Games
Audio and video modes
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Delivery Channels for Financial Education
School Curriculum
Social Marketing
Dedicated financial
Education websites
Radio, Television
and News papers
Books / magazines in
„Cartoon Format‟ for
young people
Resource Persons
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Delivery Channels for Financial Education
Social Networking
Sites- Twitter/
Face Book
Self Help Groups
Microfinance
Institutions
Integrated communication
channels eg: Panchayats etc..
Helpline
Other Channels
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Guidance
Regulators
Content Development
Deputing experts
Interloculator and
facilitator
Basic FE & Sector
specific FE
FE Cell/ Dept.
Guidelines for product
development
Reports to NIFE
Commercial FIs
Product Education as per content developed by NIFE
CSR
Reports to NIFE
NGOs • Participate in FE as per content developed by NIFE • Reports to NIFE
Other Authorities • may participate by extending infrastructure • follow content by NIFE
Industry Associations • Content development • Resources for conducting programs • Resources not used for promotion • Reports to NIFE
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Other
Ministries
FSDC
Sub-committee of FSDC
Technical Group for financial inclusion and financial literacy
Two
representatives
from state
education
department
RBI
Basic (FE) for
Adults
Sector Specific
Product Specific
IRDA
Basic
(FE) for
Adults
Product
Specific
Sector
Specific
PFRDA
Basic
(FE) for
Adults
Product
Specific
Sector
Specific
SEBI
Basic (FE)
for Adults
Sector Specific
Product Specific
MoF for
facilitation /
MHRD for
implementation
Basic Financial
Education
(FE)through
schools
NIFE/NISM
Maintenance of
financial education
website
Development
of content
Research Data collection and
monitoring of FE
CBSE
and other
Boards
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Challenges and road ahead
• From Financial education to “Financial
education and inclusion”
• Issue of Investor protection and
grievance redressal
• Issue of turf and coordination among
agencies
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THANK YOU.
www.sebi.gov.in