Business Standard

Schools to soon impart financial education

Related News

To spread across the country, financial regulators have devised a ‘unified and coordinated’ (NSFE) framework.

This initiative is aimed at educating citizens about financial products and basic concepts, so as to increase investor confidence and help make better choices. To achieve this, NFSE will conduct across the country for all sections of the population, starting from the school level. The draft framework aims to educate 500 million adults on key saving, protection and investment-related products, so that they are empowered to take prudent financial decisions.

A five-year time frame has been decided upon to implement the strategy. , social marketing channels like radio and newspaper, self-help groups and microfinance institutions are some of the delivery channels identified to spread financial education.

The strategy proposes to weave financial education into the school curriculum. The Central Board of Secondary Education has agreed, in principle, to introduce it in an integral manner in school education (post primary level). The framework puts the onus on the finance and human resource ministries to include financial literacy in the curriculum.

Financial consumers, market players, along with educational institutions, regulators and international agencies like the will all be the stakeholders of NSFE. A nation-wide survey will be conducted with the help of various regulators to assess the state of financial literacy and identify gaps and establish goals.

The existing technical group of a sub-committee of the (FSDC) will be responsible for periodic monitoring and implementation of the National Strategy for Financial Education. the National Institute of Financial Education with members from relevant regulators, will be the specialised group, under the National Institute of Securities Markets.

Countries like Czech Republic, Netherlands, New Zealand, Spain and UK have already implemented a National Strategy for Financial Education, while others are in the process of doing so. The draft framework, prepared under the aegis of the sub-committee of the FSDC, was released on Monday by all financial sector regulators to seek comments and feedback till August 15.

Read more on:   
|
|
|
|
|
|

Read More

Stimulus hopes push Sensex to 17,000-mark

India’s key stock market indices gained the most in Asia on Monday, amid expectations that the Reserve Bank of India (RBI) could surprise markets ...

Quick Links

 

Market News

NSEL payments: HC orders creation of three-member monitoring panel

The three-member panel will negotiate with borrowers, FTIL and EOW on liquidation of borrowers' assets

El Niño worries inflation managers

RBI has decided to consider inflation based on new series CPI in which half of the weight is for food, beverages and tobacco

Sensex eyes Summit 23k as indices hit new peaks

Analysts expect gains to be limited in the near term as companies post their financial results and India continues its five-week long election ...

Traders trim positions ahead of poll results

Rollovers decline; open interest drops

Sebi's Draft Fatca norms: Greater scrutiny ahead for high-value US a/cs

Individual accounts with holdings of more than $1 mn will come under greater scrutiny; those with balances less than $50,000 will be exempt from ...

Back to Top