FLC in banking stands for Financial Literacy Centre. These centers, along with rural branches of banks, play a crucial role in promoting financial literacy among various segments of the population.
Financial Literacy Centres target a diverse range of individuals, including:
- Farmers
- Micro and small entrepreneurs
- Schoolchildren
- Self-Help Groups (SHGs)
- Senior citizens
The primary objective of FLCs is to empower these groups with the knowledge and skills necessary to make informed financial decisions. This includes understanding basic banking products, saving and investment options, debt management, and other essential financial concepts. Ultimately, FLCs contribute to financial inclusion and economic empowerment.
