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FACT - Introduction and Session 1

National Centre for Financial Education
National Centre for Financial Education

The National Centre for Financial Education (NCFE) was set up under the guidance of the Technical Group on Financial Inclusion and Financial Literacy of the Financial Stability and Development Council to implement the National Strategy for Financial Education. The NCFE aims to undertake massive financial education campaigns to help people better manage their money and access appropriate financial products and services through regulated entities. According to a 2013-14 NCFE survey, approximately 20% of Indians are financially literate, with only 30% understanding compound interest and 40% being financially fragile by borrowing for living costs. Financial literacy involves having financial knowledge, behaviors, and attitudes to make sound financial decisions and achieve well-being. The NCFE promotes financial literacy and inclusion

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FINANCIAL AWARENESS ANDCONSUMERTRAINING __________________________________ National Centre for Financial Education | 1
ABOUT US The NCFE, comprising representatives from all financial sector regulators i.e. RBI, SEBI, IRDAI and PFRDA is set up at NISM under guidance of the Technical Group on Financial Inclusion and Financial Literacy of the Financial Stability and Development Council (FSDC) to implement the National Strategy for Financial Education (NSFE). National Centre for Financial Education | 2
VISION & MISSION VISION: A financially aware and empowered India. MISSION: To undertake massive Financial Education campaign to help people manage money more effectively to achieve financial well being by accessing appropriate financial products and services through regulated entities with fair and transparent machinery for consumer protection and grievance redressal. National Centre for Financial Education | 3
WHATWEDO Financial Literacy and Inclusion Freedom from exploitation Avoidance of frauds and mis-selling Avoidance of over indebtedness Promoting entrepreneurship Inclusive growth, etc. We are implementing the National Strategy for Financial Education which talks about: National Centre for Financial Education | 4
FINANCIALLY LITERATE? GUESS, HOW MANY INDIANS ARE National Centre for Financial Education | 5
20 PERCENT C O M P A N Y . C O M APPROXIMATELY Source: NCFE's financial literacy and inclusion survey 2013-14 National Centre for Financial Education | 6
0% 10% 20% 30% 40% 50% G oa C handigarh KeralaM anipurG ujarat N C T ofD elhi D adra & N agarH a D am an & D iu Karnataka M eghalaya Andhra Pradesh M adhya Pradesh U ttarakhand Lakshadw eep Tam ilN adu W estBengalH aryanaTripura PuducherryAssamR ajasthan Jam m u & Kashm ir M aharashtra H im achalPradesh Jharkhand Andam an & N icobaPunjab U ttarPradesh ArunachalPradesO disha Bihar N agaland SikkimM izoram C hhattisgarh States below India average of 20% financial literacy National Centre for Financial Education | 7
Source:NCFE Financial Literacy and Inclusion Survey 2013-14 3 out of 10 Indians understand the concept of compound interest. National Centre for Financial Education | 8
Source:NCFE Financial Literacy and Inclusion Survey 2013-14 4 out of 10 Indians are financially fragile i.e. theyborrowed money to meet their living cost. National Centre for Financial Education | 9
WHAT IS FINANCIAL LITERACY National Centre for Financial Education | 10
FINANCIAL LITERACY IS A COMBINATION OF Financial Knowledge Financial Behaviour Financial Attitude necessary to make sound financial decisions and ultimately achieve individual financial well-being. National Centre for Financial Education | 11
Alan Greenspan Economist & Former Chairman of The Federal Reserve, USA The number one problem in todays generation and economy is the lack of financial literacy. National Centre for Financial Education | 12
FINANCIAL LITERACY LEADS TO FINANCIAL INCLUSION WHICH ENABLES PEOPLE TO ACHIEVE... FINANCIAL National Centre for Financial Education | 13
LET'S START 1. Identity theft protection 2. Use your credit card responsibly 3. Student loan borrowing principles 4. Avoid impulse buying 5. Let's go cashless 6. Your first pay cheque National Centre for Financial Education | 14
PROTECTION Identity theft 1 National Centre for Financial Education | 15
People use password as their password. 1/5 National Centre for Financial Education | 16
120 66 MINUTES is the time that hackers need to crack an 8 letter lower-case password. PERCENT of online adults in India have been victims of cyber crime in their lifetime. National Centre for Financial Education | 17
MISCONCEPTION Identity theft only happens to people with money. Truth is you don't have to have money to be a victim. National Centre for Financial Education | 18
Identity theft is real. Any kind of deception, scam, or crime that results in the loss of personal data, including the loss of user names, passwords, banking information, credit and PAN card numbers, etc., that is then used without your permission to commit fraud and other crimes. Get serious Not scared. National Centre for Financial Education | 19
How it occurs? Phishing emails, lottery and job scams Download malware onto computers or smartphones that steals information Connect to wireless networks that are insecure Take out money from an ATM that has been rigged with a skimming device Share passwords with untrustworthy people Information stolen from e-commerce and other sites you frequently visit, etc. National Centre for Financial Education | 20
1 Keep a list of all of your credit, ATM/debit cards and emergency phone numbers of each issuer in a secure place quickly accessible by you. Don't let your credit card out of your sight when you use it to pay in a store or restaurant. 32 W H A T D O W E C A R E A B O U T ? Dont throw the receipt after withdrawing money from an ATM. It has the last 4 digits of your card number. PROTECT YOURSELF National Centre for Financial Education | 21
4 Check your bank statements and credit score regularly. Dont give your PAN card number, ATM/debit or credit card number and PIN to anyone who call you. 65 W H A T D O W E C A R E A B O U T ? Avoid posting your date of birth, mother's maiden name or other personal information on social networking websites. PROTECT YOURSELF National Centre for Financial Education | 22
7 Always opt for email or SMS alerts offered by your bank that tells you about any activity in your account. Protect your computer and smartphone. Regularly update anti- virus, anti-spyware, and anti-phishing software. 98 W H A T D O W E C A R E A B O U T ? Set strong passwords with upper- and lower- case letters, numerals, and special characters. PROTECT YOURSELF National Centre for Financial Education | 23
If you suspect you've been a victim of identity theft, act quickly. Contact your creditors and financial institutions to report unauthorized charges or debits, and freeze any compromised accounts. File a report with your local police. National Centre for Financial Education | 24

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FACT - Introduction and Session 1

  • 2. ABOUT US The NCFE, comprising representatives from all financial sector regulators i.e. RBI, SEBI, IRDAI and PFRDA is set up at NISM under guidance of the Technical Group on Financial Inclusion and Financial Literacy of the Financial Stability and Development Council (FSDC) to implement the National Strategy for Financial Education (NSFE). National Centre for Financial Education | 2
  • 3. VISION & MISSION VISION: A financially aware and empowered India. MISSION: To undertake massive Financial Education campaign to help people manage money more effectively to achieve financial well being by accessing appropriate financial products and services through regulated entities with fair and transparent machinery for consumer protection and grievance redressal. National Centre for Financial Education | 3
  • 4. WHATWEDO Financial Literacy and Inclusion Freedom from exploitation Avoidance of frauds and mis-selling Avoidance of over indebtedness Promoting entrepreneurship Inclusive growth, etc. We are implementing the National Strategy for Financial Education which talks about: National Centre for Financial Education | 4
  • 5. FINANCIALLY LITERATE? GUESS, HOW MANY INDIANS ARE National Centre for Financial Education | 5
  • 6. 20 PERCENT C O M P A N Y . C O M APPROXIMATELY Source: NCFE's financial literacy and inclusion survey 2013-14 National Centre for Financial Education | 6
  • 8. Source:NCFE Financial Literacy and Inclusion Survey 2013-14 3 out of 10 Indians understand the concept of compound interest. National Centre for Financial Education | 8
  • 9. Source:NCFE Financial Literacy and Inclusion Survey 2013-14 4 out of 10 Indians are financially fragile i.e. theyborrowed money to meet their living cost. National Centre for Financial Education | 9
  • 10. WHAT IS FINANCIAL LITERACY National Centre for Financial Education | 10
  • 11. FINANCIAL LITERACY IS A COMBINATION OF Financial Knowledge Financial Behaviour Financial Attitude necessary to make sound financial decisions and ultimately achieve individual financial well-being. National Centre for Financial Education | 11
  • 12. Alan Greenspan Economist & Former Chairman of The Federal Reserve, USA The number one problem in todays generation and economy is the lack of financial literacy. National Centre for Financial Education | 12
  • 13. FINANCIAL LITERACY LEADS TO FINANCIAL INCLUSION WHICH ENABLES PEOPLE TO ACHIEVE... FINANCIAL National Centre for Financial Education | 13
  • 14. LET'S START 1. Identity theft protection 2. Use your credit card responsibly 3. Student loan borrowing principles 4. Avoid impulse buying 5. Let's go cashless 6. Your first pay cheque National Centre for Financial Education | 14
  • 15. PROTECTION Identity theft 1 National Centre for Financial Education | 15
  • 16. People use password as their password. 1/5 National Centre for Financial Education | 16
  • 17. 120 66 MINUTES is the time that hackers need to crack an 8 letter lower-case password. PERCENT of online adults in India have been victims of cyber crime in their lifetime. National Centre for Financial Education | 17
  • 18. MISCONCEPTION Identity theft only happens to people with money. Truth is you don't have to have money to be a victim. National Centre for Financial Education | 18
  • 19. Identity theft is real. Any kind of deception, scam, or crime that results in the loss of personal data, including the loss of user names, passwords, banking information, credit and PAN card numbers, etc., that is then used without your permission to commit fraud and other crimes. Get serious Not scared. National Centre for Financial Education | 19
  • 20. How it occurs? Phishing emails, lottery and job scams Download malware onto computers or smartphones that steals information Connect to wireless networks that are insecure Take out money from an ATM that has been rigged with a skimming device Share passwords with untrustworthy people Information stolen from e-commerce and other sites you frequently visit, etc. National Centre for Financial Education | 20
  • 21. 1 Keep a list of all of your credit, ATM/debit cards and emergency phone numbers of each issuer in a secure place quickly accessible by you. Don't let your credit card out of your sight when you use it to pay in a store or restaurant. 32 W H A T D O W E C A R E A B O U T ? Dont throw the receipt after withdrawing money from an ATM. It has the last 4 digits of your card number. PROTECT YOURSELF National Centre for Financial Education | 21
  • 22. 4 Check your bank statements and credit score regularly. Dont give your PAN card number, ATM/debit or credit card number and PIN to anyone who call you. 65 W H A T D O W E C A R E A B O U T ? Avoid posting your date of birth, mother's maiden name or other personal information on social networking websites. PROTECT YOURSELF National Centre for Financial Education | 22
  • 23. 7 Always opt for email or SMS alerts offered by your bank that tells you about any activity in your account. Protect your computer and smartphone. Regularly update anti- virus, anti-spyware, and anti-phishing software. 98 W H A T D O W E C A R E A B O U T ? Set strong passwords with upper- and lower- case letters, numerals, and special characters. PROTECT YOURSELF National Centre for Financial Education | 23
  • 24. If you suspect you've been a victim of identity theft, act quickly. Contact your creditors and financial institutions to report unauthorized charges or debits, and freeze any compromised accounts. File a report with your local police. National Centre for Financial Education | 24