.......The RBI also spends money on warning advertisements. However, in our experience of meeting people over hundreds of seminars and workshops conducted by Moneylife Foundation (a not-for-profit sister entity) is, that financial literacy cannot work with sporadic advertisements from regulators. It has far more impact if financial literacy is imparted in a serious and systematic manner with an explanation of how scams work and their financial consequences. Making the nation financially literate or even more careful is a herculean task, but a little nudge from the RBI to corporate CEOs would go a long way in ensuring that this becomes a part of the awareness training for all employees.......
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