Bangalore-based public sector lender Canara Bank has signed a memorandum of understanding (MoU) with Kendriya Vidyalaya (KV) Sangathan to offer financial literacy classes for the students of class X and above. There are more than 1,000 central schools under Kendriya Vidyalaya Sangathan.
The classes would be in three parts. The first part would be theory which will cover the banking structure in India, the movement of funds between the banks and various schemes offered by the bank. The programme will also include practical sessions wherein the students would be taught on how to fill in a paying in challan and a cheque book, and withdraw money from the ATM. They would also be taught about the procedure to open a new account.
The MoU with Kendriya Vidyalaya Sangathan is part of the financial inclusion initiatives undertaken by the bank.
The students will also be informed about the educational loan facility available in the bank for those in need of finance for higher studies.
The bank has also said that it would shortly introduce a new product called 'Canara KV fee collection card’. Using this card, the parents of the students of central schools would be able to pay the school fees by swiping the card in the electronic data capture machines kept in the schools.