The apex bank has selected six NGOs to execute the pilot project in collaboration with the sponsor banks.
The Reserve Bank of India (RBI) is mulling launching a financial literacy drive in 80 blocks in nine states on pilot basis. The pilot project is aimed at educating people on e-transactions, formal sector borrowings and insurance purchases, as per a PTI report.
The bank has selected six NGOs registered with the Depositor Education and Awareness Fund to execute the project in collaboration with the sponsor banks. These are CRISIL Foundation, Dhan Foundation, Swadhaar Fin Access, Indian School of Micro Finance for Women (ISMW), Samarpit and the PACE Foundation.
"The Reserve Bank is initiating a pilot project on financial literacy at the block level to explore innovative and participatory approaches to financial literacy," RBI said while inviting expression of interest from agencies to conduct impact assessment of Pilot CFL (Centre for Financial Literacy) Project.
The pilot project will be commissioned in Maharashtra, Chhattisgarh, Bihar, Odisha, Karnataka, Telangana, Andhra Pradesh, Haryana and Uttar Pradesh.
The total cost of the pilot project over a period of three years is estimated to be Rs 18.40 crore.