The CFL Pilot Project on financial literacy was initiated by RBI in 2017 in nine states across eighty blocks by six Noon Governmental Organizations in collaboration with Eight Sponsor Banks for a period of three years with funding support from Financial Inclusion Fund ( FIF OF NABARD) and respective sponsor banks.
The project cost is being funded from Depositor Education Awareness Fund, Financial Inclusion Fund and part portion being funded by sponsor banks. The Reserve Bank of India and NABARD launched a financial literacy drive in 80 blocks in Nine states on a pilot basis to educate people on e-transactions, formal sector borrowings and insurance purchases. PRIYASAKHI MAHILA SANGH, INDORE, is one of six non-profits empanelled by the RBI to implement the pilot project. PRIYASAKHI MAHILA SANGH set up and manage 8 centers until 2022, in six Districts of Madhya Pradesh in association with Bank Of India and NABARD. PRIYASAKHI MAHILA SANGH have been designed to raise financial awareness, promote good financial practices, and drive sustainable change in behavior, ultimately resulting in informed financial choices and greater sense of control over one’s finances. The centre’s will use a combination of educational videos, experiential learning and financial planning tools to drive home key messages and benefits of using formal financial services. The Organization has been committed to strengthening the financial capabilities of socially and economically disadvantaged communities since 2001. Through these Money Wise centre’s, the NGO want to minimize every household’s financial vulnerability. PRIYASAKHI MAHILA SANGH believes that promoting good financial practices in the community, creating an enabling environment, and developing a network of trained financial inclusion experts are crucial to driving inclusion at the last mile.