Circulars

Centres for Financial Literacy (CFL) Project – Scaling Up
 
1.  The XXVII Advisory Board, meeting held on 09 December, 2020 has approved the Scaling up of 200 CFLs project with a project cost of ₹58.60 crore.  This scaled up project envisages that one CFL will cater to 3 blocks.  The Standard Operating Procedure (SOP) formulated by RBI for facilitating the operationalization of the CFLs is enclosed. 
 
2. Your Bank has been identified to implement the scaled up Centres for Financial Literacy (CFL) Project by 01 December, 2021 being anchored and monitored by Reserve Bank of India.  
 
3.  Funding of the CFL Project from  FIF: 
 
As approved by the Advisory Board of FIF, NABARD will reimburse capital expenditure (one time) for the project to the extent of ₹5.00 lakhs per CFL from FIF. The operational expenses would be provided to the extent of 90% of expenditure subject to a cap of ₹8.10 lakhs per annum per CFL for a period of three years.  Hence, the total funding support from FIF would not be more than ₹29.30 lakh per CFL (one year CAPEX + three years' OPEX).  The details of funding pattern is given as under:

information centre