Branches of national and regional banks have been setup in many rural parts of India. However, a great number of villages are still out of reach of these banking services. Opportunities to gain financial literacy and support are even more difficult to come by in these rural areas. That's why the National Ban for Agriculture and Rural Development (NABARD) has recently launched a campaign to promote financial literacy through street plays.
Through songs, dance, and storytelling, a team of performing artists are traveling around unbanked villages to spread awareness about financial literacy. The street plays are performed in local dialects and easy to understand. Each performance is crafted to teach a variety of topics that range from the importance of having a bank account, to how credit cards are used, to how educational loans can be taken out. After the show, performers dedicate their time to help their audience complete a bank application on the spot.
The street play program has already been successfully piloted in villages near Sedapatti and Usilampatti. NABARD will aim to reach 42 more villages and open at least 20 zero balance accounts for local farmers.
How might we use storytelling to spread financial literacy in hard to reach areas? How might communities organize educational events to make financial services more accessible and easy to understand?