Outlook Money, April 09, 2008

A multitude of choices for personal finance investments has financial education more significant, RBI Deputy Governor Shyamala Gopinath said today.

The Reserve Bank has recently come out with a concept paper on financial literacy and free counselling centres to educate customers about products and services, she said at a function of All India Bank Depositors’ Association here.

She said that free counselling centres should impart knowledge about responsible borrowing, debt counselling and debt restructuring for the borrowers under stress.

Earlier, the Deputy Governor presented the Fourth M R Pai Memorial Award to consumer rights activist Pradeep S Mehta.

The award has been instituted by Punjab and Maharashtra Cooperative Bank in memory of M R Pai, well-known consumer activist.

The recipient of the award is selected by the Depositors’ Association.

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