Jnana Jyothi Financial Literacy and Credit Counselling Trust Announces Financial Literacy Scheme

Jnana Jyothi Financial Literacy and Credit Counselling Trust jointly sponsored by Syndicate Bank and Vijaya Bank, and created in concordance with the model system of Reserve Bank of India on October 20, 2010 has completed two years of service. The Trust so far has opened 32 centers in 25 districts in India, of which 14 centers are in Karnataka, five in Andhra Pradesh, two in Kerala, six centers in Uttar Pradesh and 5 centers in Haryana.

The Trust functions and operates through its Financial Literacy and Credit Counselling (FLCC) centres within the framework of the Reserve Bank of India. Each center has been provided with experienced and trained counsellors for giving information on banking products and services to people free of cost in its efforts to extend financial literacy. This makes me wonder if these financial literacy centers are created more for the education of the public to products or the education of consumers to make financial decisions in their best interest. While on one hand these can be similar processes, on the other hand one component may have a substantial conflict of interest. – Source

During the half year 2012-13, the Trust has conducted 3,729 financial literacy campaigns in villages, schools/colleges, participated in the training programs organized by Rural Self Employment Institutes sponsored by the two banks and other institutes and thus tried to reach the target groups students, farmers, villages, self-help groups, unemployed youth and others. The centers were able to bring awareness on financial literacy among 2.44 Lakh people.

The Trust was able to cover 1,376 unbanked villages having population more than 2,000. As many as 11,347 people have visited the centers to get financial literacy service and 1,396 people were counseled remotely. FLCC Centres have also associated in 126 Farmers’ Clubs for holding campaigns, benefitting 4,772 people. During the period as many as 15,317 persons were provided with both preventive and informal curative counseling.

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In 2010, it was stated the Jnana Jyothi Financial Literacy and Credit Counselling Trust was created by SyndicateBank and Vijaya Bank and the aim was to, provide education for many people who were unaware of the financial products on offer by banks. – Source

In support of the Jnana Jyothi Financial Literacy and Credit Counselling Trust they do list “To formulate debt restructuring plans for borrowers in distress and recommend the same to formal financial institutions, including cooperatives, for consideration” as one of their primary objectives. – Source

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