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BusinessSBI, other banks to set up 98 centres for financial literacy in...

SBI, other banks to set up 98 centres for financial literacy in Telangana  

Published: 4th Aug 2021 9:35 pm

Hyderabad: Telangana is going to get 98 Centres for Financial Literacy (CFLs) in 31 districts of the State as part of the first phase of the Reserve Bank of India’s (RBI’s) National Strategy for Financial Inclusion initiative. SBI is going to set up over 60 per cent of them.

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State Bank of India is partnering in setting up CFLs in 18 districts with a total of 60 CFLs where it has the ‘lead bank’ responsibility. The remaining 38 CFLs will be opened by Union Bank of India (29) and Canara Bank (9) in 12 districts in Telangana. A CFL has been established in Vikarabad district, which is already operational.

RBI has mandated expanding the reach of CFLs to every block in the country, with each CFL serving three blocks. Each centre will cover three mandals and organise camps in all villages for bringing awareness on the basic financial products and services available with banks among the low income households and common public. Each CFL will conduct a minimum of 10 camps per month.

All the CFLs in Telangana are expected to cover at least 50 per cent of population in three mandals by ensuring coverage of at least 30 per cent of population between the age group of 18-60 years within a period of three years, SBI said in a release.

The first CFL of SBI at Jangaon was inaugurated by T Srinivasa Rao, CGM & banking ombudsman for Telangana and Andhra Pradesh on Wednesday. The CFL will conduct the financial literacy camps in the villages of Jangaon, Bachannapet and Raghunadhapally mandals.

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