FINANCIAL LITERACY & CREDIT COUNSELLING CENTRES (FLCCCs)
Preamble
In the Annual Policy Statement of Reserve Bank of India for the year 2007-08, it was stated that financial and livelihood counselling are important for increasing the viability of credit. Banks should actively consider opening of counselling centres, either individually or with pooled resources, for credit and technical counselling with a view to giving special thrust in the relatively under-developed areas.
Reserve Bank of India has formulated a Model scheme for Financial Literacy and Credit Counselling Centres (FLCCCs) and advised Banks to set up FLCCCs in conformity with the Model scheme.
Objectives
The broad objective of the FLCCCs will be to provide free financial literacy / education and credit counselling.
The specific objectives are
- To educate the people in rural & urban areas with regard to various financial products / services available from formal financial sector.
- To provide face-to-face financial counselling services and offer debt counselling to individuals who are indebted to formal / informal financial sectors.
- To formulate debt restructuring plans for borrowers who are in distress.
- To take up any such activity that promotes financial literacy, awareness of banking products etc.
- To make the people aware of the advantages of being connected with the formal financial sector.
The FLCC should not act as investment advice centre.
The High Level Committee set up by RBI had also reiterated the necessity to cover initiatives under financial literacy and credit counselling while broad basing the Lead Bank scheme. On the basis of the above recommendation, RBI advised Lead Banks to open a Financial Literacy and Credit Counselling Centre (FLCCC) in every district where they have lead responsibility.
In the State of Tamil Nadu, the following Banks had set up FLCCCs.
| Sl.No. |
Name of FLCCC |
Sponsoring Bank |
Place/District |
| 1 |
ABHAY |
Bank of India |
Chennai |
| 2 |
DISHA |
ICICI Bank Ltd |
Chennai |
| 3 |
FLCCC |
Indian Bank |
Dharmapuri |
| 4 |
SNEHA |
Indian Overseas Bank |
Kanyakumari |
| 5 |
SNEHA |
Indian Overseas Bank |
Tiruchirapalli |
| 6 |
SNEHA |
Indian Overseas Bank |
Virudhunagar |
| 7 |
SNEHA |
Indian Overseas Bank |
Thanjavur |
| 8 |
SNEHA |
Indian Overseas Bank |
Perambalur |
| 9 |
SNEHA |
Indian Overseas Bank |
Thiruvarur |
| 10 |
SNEHA |
Indian Overseas Bank |
Nagapattinam |
| 11 |
SNEHA |
Indian Overseas Bank |
Karur |
| 12 |
SNEHA |
Indian Overseas Bank |
Ramanathapuram |
| 13 |
SNEHA |
Indian Overseas Bank |
Pudukottai |
| 14 |
SNEHA |
Indian Overseas Bank |
Tirunelveli |
| 15 |
FLCCC |
Canara Bank |
Madurai |
| 16 |
FLCCC |
Canara Bank |
Erode |
| 17 |
FLCCC |
Canara Bank |
Dindigul |
| 18 |
SNEHA |
Indian Overseas Bank |
Sivaganga |