Financial Literacy Centers (FLC)


In order to spread financial services in the Patiala district, The Patiala Central Cooperative Bank Ltd. is making its best possible contribution through five financial literacy centres. These FLCs have been established with the support and grant assistance from National Bank for Agriculture and Rural Development under FIF plan.


The major objectives of these FLCs are

·         To provide financial counselling services in a non intimidating environment using local  languages.

·         To advocate advantages of connecting with the formal financial sector.

·         To provide education on financial planning, responsible borrowing, productive and  early  savings, debt.

·         Counselling, micro pension and insurance.

·         To educate about various financial products and services available from the formal financial sector.

·         To formulate debt restructing plans for borrowers in distress and recommend the same to formal financial institutions for consideration.

·         To take up any other such activities that promote financial literacy, awareness about banking services, financial planning and amelioration of debt related distress of an individual.


Broad Guidelines for FLC's

·         The financial literacy efforts of FLCs will encompass basic issues like the need for saving and starting early savings, making use of bank services, linking borrowing with repayment capacity, timely repayment, insurance and pension.

·         The FLCs and rural branches of the banks will also conduct outdoor financial literacy camps with focus on financially excluded people. For the purpose, the help of experienced NGOs may also be taken.

·         The basis focus of the FLC will be financial literacy.

·         FLC staff will be provided training to work as effective trainers. There should be also a system of providing periodic knowledge up-gradation on various banking products and services.