At present, the Reserve Bank of India (RBI) and nationalised banks are working on various aspects of the scheme during their series of meetings, which will go on for some more time.

According to B Srinivas, regional director of RBI in Gujarat, financial literacy needs to be spread among the masses, and school children are the group that needs maximum attention of banks by catching them young on financial matters. In view of children's interest in colourful books and comics, the RBI had come out with special publications for them about six months ago.

One booklet is titled ‘Raju and the Money Tree’ and the other is ‘Money Kumar and Monetary Policy’ in thirteen languages. These give children a basic idea of money and monetary policy. Srinivas said that these books are meant for distribution in schools and colleges so that when one comes out of the alma mater, the student is equipped with the basic understanding of banking activities and has the knowledge of functions of money and money market.

The Gujarati version of these comic books have been distributed to students and the response is quite encouraging, said TR Chawla, general manager of Dena Bank. “We have been distributing these booklets for past three months now. The process is still going on because we have to cover a large chunk of population in the state,” he said. Things like distinguishing feature of coins, currency notes of various denominations, loans and monetary products are explained in an easy to understand way, he said.