FACT - Introduction and Session 1

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).

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.

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:

FINANCIALLY LITERATE?
GUESS, HOW MANY INDIANS ARE

20 PERCENT
C O M P A N Y . C O M
APPROXIMATELY
Source: NCFE's financial literacy and inclusion survey 2013-14

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

Source: NCFE Financial Literacy and Inclusion Survey 2013-14
3 out of 10
Indians understand the concept of compound interest.

Source: NCFE Financial Literacy and Inclusion Survey 2013-14
4 out of 10
Indians are financially fragile i.e. they borrowed money to meet their living cost.

WHAT IS
FINANCIAL
LITERACY

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.

Alan Greenspan
Economist & Former Chairman of The Federal Reserve, USA
The number one problem
in today’s generation and economy
is the lack of financial literacy.

FINANCIAL LITERACY LEADS TO
FINANCIAL INCLUSION
WHICH ENABLES PEOPLE
TO ACHIEVE...
FINANCIAL

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

PROTECTION
Identity theft
1

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.

MISCONCEPTION
Identity theft only happens to people with money. Truth is you don't have to have
money to be a victim.

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.

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.


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 ?
Don’t throw the receipt
after withdrawing
money from an ATM. It
has the last 4 digits of
your card number.
PROTECT YOURSELF

4
Check your bank
statements and credit
score regularly.
Don’t give your PAN
card number,
ATM/debit or credit
card number and PIN
to anyone who call
you.
65
Avoid posting your
date of birth, mother's
maiden name or other
personal information
on social networking
websites.
PROTECT YOURSELF

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
Set strong passwords
with upper- and lower-
case letters, numerals,
and special characters.
PROTECT YOURSELF

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.

FACT - Introduction and Session 1

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