With a new project, CBSE is planning to educate children on how to manage their finances independently, and to learn about the importance of investments and savings.
Central Board of Secondary Education (CBSE) has come up with a great idea to develop the financial capabilities of school students by launching a project called School Bank Champs.
In this project, students of class IX and X will get a chance to interact with bank authorities, open their own bank account, obtain debit cards, learn about net banking, and get to know about the best ways to manage their finances.
This step has been taken with the view of making students financially literate and enabling them to maintain their finances independently in day to day life.
Picture for representation only. Source: Wikimedia
CBSE has sent a circular to all its affiliated schools asking them to identify their nearest bank which will be suitable to teach students not only about the daily transactions but will also help them learn about investment plans like pension and insurance plans. According to a Times of India report, the board has also asked schools to select teachers who will act as nodal officers for the project.
“This project will work in favour of the students only. There will be so many things to learn about. Management of financial matters which sounds boring will be an interesting activity for the students. They will know how to save, how to deposit, how to withdraw money from accounts. This is the best age to learn how to manage money matters,” CBSE Regional Officer, R J Khanderao, told The Indian Express.
The project is being conducted by the bank Association of India in collaboration with Child and Youth Finance International – which is a movement dedicated to enhance financial capabilities of children and youth across the world, by imparting knowledge so that they are able to make wise financial decisions and learn about the importance of savings, thereby creating the next generation of economic citizens. They are running this project with the aim of increasing financial inclusion of children and young people, by utilising the school system. The organizations believes that it is important to economically empower this section of the population, so as to break the cycle of poverty. This is because if they learn young, they will be able to implement these practices later in their lives.
According to the circular, the project was subsequently brought under the Prime Minister’s Jan Dhan Yojana (PMJDY). All schools are required to send the details to the board by October 20, so that the project can be launched soon. The project might be extended to senior classes too.
“I think it is a great initiative by CBSE to ensure students have sound knowledge of financial topics right from the school level. We have many banks on our school’s panel and would be tying up soon with one bank to provide students the chance to learn more about finances,” vice principal of Doon International school, Dinesh Bartwal, told Times of India.