Training in Financial education

India, a fast growing economy with a focus on inclusive growth and a stable financial system, recognises the need for a strategy to spread financial literacy among people. The National Strategy for Financial Education (NSFE) is a step in this regard.

On March 2nd and 3rd, 2017, the National Institute of Securities' Markets, in collaboration with the Reserve Bank of India and the Securities Exchange Board of India (SEBI) organised a workshop on financial education at Titiksha Public School. Ms. Sangita Verma, Ms. Veena Ajay Kumar and Ms. Nikita Agrawal of our School attended the workshop.

NSFE aims to promote a smooth and sustainable co-operation between regulators and stakeholders, to avoid duplication of resources and allow the development of articulated and tailored roadmaps with measurable and realistic objectives based on dedicated national assessments.

To implement NSFE, the National Centre for Financial Education (NCFE) was established under NISM, by financial sector regulators, vis., the Reserve Bank of India (RBI), the Securities Exchange Board of India (SEBI), Insurance Regulatory and Development Authority (IRDA), Pension Fund Regulatory and Development Authority (PFRDA), Forward Market Commission (FMC) and the Ministry of Finance, Government of India.

The main role of NCFE is to create financial education material and conduct financial education campaigns across the country for all sections. This is dovetailed with awareness campaigns at different levels for existing and potential customers, to improve their knowledge, understanding, skills and competence in managing money effectively. In the bargain they learn to strengthen their own financial status by taking informed decisions.

The mission of NCFE is to undertake a financial education campaign to help people at large, manage their money more effectively. They achieve financial well-being by accessing appropriate financial products and services (through regulated entities) with fair and transparent machinery, for consumer protection and grievance redressal. A core committee chaired by Director, NISM, with representatives of all financial sector regulators and education boards offers guidance to the NCFE in various activities pertaining to the implementation of the NSFE.

Mr. Sandip Ghose, Director, NISM and Mr. G. P. Garg, Registrar, NISM and Head, NCFE addressed the teachers and students who gathered for the workshop. Financial Education training is an initiative of the NCFE for providing an unbiased personal financial education to people and organisations for the sake of improving financial literacy in the country. The programme, based on two pillars; education and awareness, aims to establish a sustainable financial literacy campaign that can empower ordinary people.

NCFE in partnership with the Central Board of Secondary Education (CBSE) conducts FETP for the school teachers of classes 8 to 10 across India. This programme was organised at the Titiksha Public School. After the completion of the training, each attendee was certified as a Money Smart Teacher, equipped with the requisite knowledge to conduct financial education classes in schools. They are, in turn expected to encourage students to obtain basic financial skills. The topics that were discussed are as follows: (1) Income, Expenses and Budgeting (2) Saving (3) Credit and Debt Management (4) Insurance (5) Investment (6) Retirement and Pensions (7) Financial Planning (8) Government schemes (9) Fraud Protection

The workshop was interactive and the teachers were elated to be a part of this learning and informative programme. They took back with them a new experience and an exposure to pursue financial literacy in a positive and effective manner.

Ms. Nikita Agrawal.