Reserve Bank of India, on 4th February 2009, on the recommendations of working groups headed by Sri. S S Jowli and Sri. C P Swarnakar, came out with guidelines for opening Financial Literacy Counselling Centers (FLCCs)and advised the Banks to open FLCCs in their Lead Districts. Initially Centers were opened as Financial Literacy and Credit Counselling Centers(FLCCs) with focus on credit counselling.

To facilitate this, Canara Bank promoted Canara Finanial Advisory Trust on 8th October, 2010 to administer and monitor FLCCs opened by the Bank as well as those opened by its sponsored RRB.

Sri. M Akshaya Kumar, Retd. General Manager appointed as Principal Trustee to the newly formed Trust with the following three Trustees:

Ms Madhura Chatrapathy, Founder Trustee and Hon Director, Asian Centre for Entrepreneurial Initiatives (ASCENT). Founder and Partner : Food Associates, Bangalore.

Dr Narasimha, Professor, Dept. Of Agriculture Extension Education, University of Agricultural Sciences, GKVK, Bangalore.

Sri. L Narayana Reddy Progressive and an Organic Farmer.

The first meeting of the Trust was held at Canara Bank HO on 12/11/2010.

Complete control of FLCCs regarding issuing of policy guidelines, appointment of Counselors, formation of local monitoring committees, visiting the centers and guiding the Counselors review of the performance of the Centers etc. vested with the Trust.

The Trust shall take care of the affairs of the FLCCs to be formed by the Trust as well as RRB sponsored by the Bank.

On 19/11/2010 Canara Bank opened 10 FLCC Centers in their Lead Districts in Karnataka (3), Kerala (3) Tamil Nadu (3) and Bihar (1).

On 16/08/2011 one more center in Bangalore Rural District, Karnataka state was opened.

Subsequently on 19/11/2011, further 15 FLCC centers were opened covering 26 lead districts of Canara Bank,in the states of Karnataka, Kerala, Tamilnadu, Uttarpradesh and Bihar.

After observing the working of the Financial Literacy and Credit Counselling Centers opened by different Banks, RBI conducted a study of the centers and came out with fresh set of guidelines as per which Financial Literacy and Credit Counselling Centers were renamed as Financial Literacy Centers and also advised the Banks to set up need based FLCs in other locations as well. Centers were also advised to work in close co-ordination with Lead Bank Office.

Based on above guidelines in few states, SLBCs have taken decision to open Financial Literacy Centers at Block/Taluk level and allotted the centers to individual banks based on their net work. Bank has started opening FLCs other than lead district centers wherever SLBCs have allotted other Centers.

With effect from 01/06/2012 the Principal Trustee was redesignated as Managing Trustee.

Sri. Akshaya Kumar, Managing Trustee steered the affairs of the Trust till 30/11/2015.

Sri. K S Prabhakar Rao, Retd. General Manager, Canara Bank lead the Trust as Managing Trustee from 02/01/2016 to 22/06/2016.

Sri. V G Lingarajappa, Managing Trustee, Retired General Manager, Canara Bank was working as Managing Trustee from 23.06.2016 to 21.06.2019.

Canara Bank and Karnataka Gramin Bank, HO, Bellary are nominating one of their executives Trustee.

Sri. K Virupaksha, Managing Trustee, Retired General Manager, Canara Bank is working as Managing Trustee from 01/08/2019

Consequent to amalgamation of Syndicate Bank into Canara Bank, 70 Financial Literacy Centers managed by Jnana Jyothi Financial Literacy and Credit Counselling Trust, sponsored by erstwhile Syndicate Bank are amalgamated with Canara Financial Advisory Trust wef. 01.04.2020.

With this amalgamation, the no. of Financial Literacy Centres managed by the Trust increased to 152.

As on 01/04/2020 Canara Bank is having Lead Bank responsibilities in 60 Districts covering 9 states and 1 Union Territory Viz. Karnataka, Kerala, Tamilnadu, Uttar pradesh, Haryana, Bihar, Delhi, Andhra Pradesh, Telangana states and Lakshadweep, (Kavaratti) – Union Territory.

Consequent to amalgamation of Syndicate Bank into Canara Bank wef. 1st April, 2020, Jnana Jyothi Financial Literacy and Credit Counseling Trust(JJFLCC Trust) is dissolved and assets of the Trust are transferred to Canara Financial Advisory Trust.

Accordingly CFAT is now managing / monitoring 152 FL Centres sponsored by Canara Bank and its sponsored RRBs: The details are:

Canara Bank : 115 FL Centers
Karnataka Gramin Bank : 22 FL Centers
Karnataka Vikas Gramin Bank : 10 FL Centers
Andhra Pradesh Vikas Gramin Bank : 05 FL Centers
Andhra Pragathi Gramin Bank : 05 FL Centers

We have our presence in nine states and One Union Territory. The details are:

Karnataka : 82 Centers
Delhi : 03 Centers
Kerala : 22 Centers
Uttar Pradesh : 13 Centers
Tamil Nadu : 08 Centers
Haryana : 10 Centers
Andhra Pradesh :10 Centers
Bihar : 01 Centre
Telangana : 02 Centers
Lakshadweep(UT):01 Centre