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Scheme for Support under FIF to Financial Literacy Centres (FLCs) and rural bank branches for purchase of Handheld Projector with Battery, Screen and Speakers

1.  As per the decision taken in XXVI meeting of the Advisory Board of Financial Inclusion Fund (FIF), the scheme for purchase of Handheld Projector with Battery, Screen and Speakers to be used for financial literacy activities by the rural bank branches and FLCs of Scheduled Commercial Banks, Regional Rural Banks and Cooperative Banks, has been reopened for extending grant support under FIF as per details provided as follows.

2. Scheme: The scheme will be known asSupport to Financial Literacy Centres (FLCs) and rural bank branches for purchase of Handheld Projector with Battery, Screen and Speakers”.

3. Items for which support is available on a reimbursement basis include one Handheld projector with Battery, Screen & Speakers per FLC/rural branch.

4.  Extent of Support:

The support to eligible banks will be a ‘one-time’ grant towards cost of Handheld Projector with Battery, Screen and Speakers on reimbursement basis.  The extent of support is as given below: 

Sl.

No.

Type of District

Maximum eligible support @ Rs.30,000/- per Handheld Projector with Battery, Screen and Speakers (all put together)

1.

Special Focus Districts (SFD)

 

90% of actual expenditure incurred or maximum eligible support, whichever is less.

 

 

2.

Other Districts

i Rural branches of SCBs and FLCs -60% of actual expenditure incurred or maximum eligible support, whichever is less.

 

ii.Rural branches of RRBs and FLCs -80% of actual expenditure incurred or maximum eligible support, whichever is less.

 

iii.RCBs and FLCs - 90% of actual expenditure incurred or maximum eligible support, whichever is less.


5
. Eligible Institutions: All rural branches and FLCs of Scheduled Commercial Banks (SCBs), licensed Rural Cooperative Banks (RCBs) and Regional Rural Banks (RRBs).

6. Period of support – Financial support will be available with effect from the date of issue of this circular.

The scheme is open for sanction and release of eligible support in single instalment as per the attached format (Annexure-I, II & III) on a "first come first serve basis", subject to availability of budget earmarked for the purpose.

7. Procedure to be followed by banks to avail grant support

a.      The Bank may submit the proposal for sanction (in single instalment) as per prescribed format (Annexure – I, II & III) to the concerned Regional Office of NABARD.

b.      Banks will have to furnish an undertaking for implementation of the scheme as indicated in Annexure III.

c.       Scheduled Commercial Banks may submit state-wise proposal to the respective Regional Offices of NABARD through their controlling offices located in the State. 

d.      The Banks, which are seeking FIF grant under the scheme for the first time, need to execute a Memorandum of Agreement with NABARD as per Circular No. 52/ DFIBT-o5/ 2018 dated 20 March 2018, if not executed earlier. 

8. Other conditions

 i.   The proposal cum claim will be on a reimbursement basis only.

ii.   Due diligence may be adhered to while purchasing the equipment as per CVC guidelines / internal guidelines of the Bank.

iii.   Original Invoices and related documents affixed with bank seal may be submitted to NABARD along with the proposal.

iv.   Though all the four components (i.e. Handheld Projector with Battery, Screen & Speakers) are eligible for support within the prescribed ceiling, the purchase of Handheld Projector is mandatory while the other items are optional.

v.    An undertaking may be furnished stating that purchase of the equipment claimed from FIF has not been supported by any other funding agency including the Government.

vi.   Support of NABARD may be acknowledged with the words “Supported under FIF managed by NABARD”, appropriately.