The Reserve Bank of India today released the draft National Strategy for Financial Education, for comments and feedback on its website www.rbi.org.in . Comments can be submitted by August 15, 2012.

The National Strategy recognizes that financial literacy and financial education play a vital role in financial inclusion and inclusive growth.

It envisages ways towards creating awareness and educating consumers on access to financial services, availability of various types of products and their features; changing attitudes to translate knowledge into responsible financial behaviour.

It makes consumers of financial services understand their rights and obligations.

The National Strategy seeks to create a financially aware and empowered India. It aims at undertaking a massive Financial Education campaign to help people manage money more effectively to achieve financial well being by accessing appropriate financial products and services.

Government of India has recognized the importance of spreading financial literacy to intensify efforts to channelize domestic savings to investments.