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National Strategy for Financial Education (NSFE)

  • Vaid's ICS, Lucknow
  • 22, Sep 2021
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Why in News:

The Reserve Bank of India (RBI) has released the National Strategy for Financial Education (NSFE) for the next five years (2020-2025) to disseminate financial education in the country.

  • Under this, the central bank has recommended a ‘5-Core Actions’ approach for dissemination of financial education in the country. The first such strategy for implementation was released in the year 2013.
  • On June 18, 2020, as per RBI, the strategy has been approved by the FSDC-SC in its 24th meeting.
  • However, the document was made public on August 20, 2020.

What are the 5-Core Actions?

The 5-Core Actions are as follows:

1- Content for financial education to all the Indians (including curriculum in schools, colleges and training establishments).

2- Developing Capacity and Code of Conduct for the providers of financial education.
3- Community to disseminate financial literacy in a sustainable manner.
4- Communication for using technology, media and innovative ways of communication for dissemination of financial education messages.
5- Enhancing Collaboration to streamline the efforts of various stakeholders for financial education.

Objectives of NSFE:

  1. The strategy aims to create a financially aware and empowered India. This includes financial education to all Indians, enabling them to understand the role of money in their life.
  2. The mission also aims to improve the research and evaluation methods to assess progress in financial education.
  3. It also aims at improving digital financial services in a safe and secure manner.
  4. The strategy also aims to cover suitable pension plans for retirement.

Facts for Prelims:

ANZUS

  • The Australia, New Zealand, United States Security Treaty(ANZUS or ANZUS Treaty) is the 1951 collective security non-binding agreement between Australia and New Zealand and, separately, Australia and the United States, to co-operate on military matters in the Pacific Ocean region, although today the treaty is taken to relate to conflicts worldwide.
  • It provides that an armed attack on any of the three parties would be dangerous to the others, and that each should act to meet the common threat.
  • It set up a committee of foreign ministers that can meet for consultation.