HSBC launches financial literacy programme in India
We’ve launched ‘HSBC Finance Forward – opening up a world of opportunity’ a INR 200 crore ($21 million), four-year flagship philanthropy programme that aims to strengthen financial capabilities, resilience and fraud prevention across India.
It has a particular focus on supporting women, young people, migrant workers, people with disabilities, low-income households and first-time users of formal financial services.
Hitendra Dave, HSBC CEO in India, said: “India has built the foundations of financial inclusion at scale, but true financial wellbeing begins with the knowledge, confidence and practical skills to use financial services safely.
“The country’s digital public infrastructure has enabled citizens to access formal financial systems. As digital payments expand, and new technologies transform financial services, financial literacy and protection against fraud become essential to sustaining trust.”
Our programme pillars
Our financial literacy programme will be delivered nationwide through non-profit, academic and research partners, overseen by an independent advisory group, and is anchored on three pillars:
- Digital pathways to financial wellbeing – building confidence in digital financial tools and artificial intelligence in underbanked communities, and promoting safe and responsible use
- Financial capabilities and fraud prevention – helping communities access and use formal financial products, make informed decisions, and identify and prevent fraud
- Enhancing income pathways for communities – helping individuals and households strengthen their livelihoods, manage financial shocks and pursue more sustainable income opportunities
Aloka Majumdar, Head of Sustainability in India for HSBC, said: “First-time users of digital financial services can be particularly vulnerable to phishing, identity theft and other forms of fraud, which can cause financial loss and weaken trust in formal services.
“Our programme goes going beyond awareness-building to develop practical capability and safer financial behaviours, supporting the shift from financial access to lasting financial wellbeing.”
Find out more about HSBC in India (opens in new window).