Bank has set up Canara Financial Advisory Trust(CFAT) in 2010 for spreading financial literacy through Financial Literacy Centers.
CFAT is headed by Principle trustee (retired GM of our bank).
Trust is functioning since October 2010.
There are seven Trustees in the trust.
FLCs are Managed/ Monitored by the Trust (CFAT).
We are having 82 FLCs across India. As per guidelines FLCs should try to get on board as many stakeholders as possible at the district/ Panchayat / village level viz.,LDM, DDM of NABARD, LDO of RBI, District and local administration, Block level officials, NGOs, SHGs, BCs, Farmers clubs, Panchayats, PACs, village level functionaries during the conduct of the camps.
The broad objective of the FLCs is to provide free financial literacy/education and credit counseling.
The specific objectives of the FLCs would be:
To provide financial counseling services through face-to-face interaction as well as through other available media.
Education on responsible borrowing ,
Proactive and early savings,
Offering debt counseling to individuals who are indebted to formal / informal financial sectors;
To educate the people in rural and urban areas with regard to various financial products and services available from the formal financial sector.
To make the people aware of the advantagesof being connectedwith the formal financial sector.
To formulate debt restructuring plans for borrowers in distress.
To take up any such activity that promotes financial literacy, awareness of the banking services, financial planning and amelioration of debt-related distress of an individual.
To make people aware of the social security schemes available and help them to utilize the benefits of the schemes like pension, healthinsurance etc.,
Role of FLCs Counselor:
Counselors have to conduct Literacy Camps at villages, schools, farmers clubs, social clubs etc.
Educate the public on banking, finance, Govt schemes and guide the public in this filed.
Associate with BLBC, DCC meetings and other Govt Depts for spreading the Financial Literacy.
Address the trainees in the training centers like RSETI, RUDSETI and guide those who come to the centers. Visit 10-12 villages in a month to educate villagers on banking and finance.
Bank neutral job.
Organize Literacy stalls in Melas, large gatherings, meetings social functions etc.
State wise number of FLCs:
No. of FLCs
Canara Financial Advisory Trust is managing the affairs of Canara bank and Pragathi Krishna Gramin bank FLCs.
4.Eligibility for counselor:
The FLCs are expected to play a crucial role in assisting and guiding the distressed individual borrowers.
Credit counselors should have sound knowledge of banking, law, finance, requisite communication and team building skills, etc.
Individuals such as retired bank officers, with domain knowledge in agriculture, ex-servicemen, etc. may be engaged as credit counselors.
State wise list of FLCs of Canara Bank and KAGB is mentioned below;