Financial Literacy
A large wave of digitization of all government records and digitalization of every citizen-government process is in an advanced stage. Central Govt. has recently announced its vision of accomplishing paperless functioning of the Government operations. This dream of digitalized India is being imbibed in the minds of every citizen. Under the circumstances, it has become imperative upon that Financial literacy should be made mandatory to all sections of the society particularly, students, as early as possible even since primary classes so that their proper growth path in digitalized environment are ensured at one hand while on other hand, our country fulfills its dream of becoming a fully digitalized country in true letter and spirit.
Further, it is clearly evidenced that our society is broadly divided into dependents and working ones in the ratio of10:90 while, if it is considered with respect to ITRs’ filling, it is 94:6 and with regard to the actual taxpayers, it is merely 98:2. This situation truly indicates about the dire need of extending financial literacy across every potential citizen in the interest of themselves vis-a-vis towards the country’s economy.
The above stated mammoth task can only be accomplished if all sorts of concerted efforts are commenced from the grass roots level in the similar lines those were taken up to fight against cleanliness drive specially with respect to toilets and ODF mooted by Government of India.
Aryavart is an NGO, for the last 23 years, dedicated towards the overall growth of students not only vertically but also horizontally too and intends to contribute towards this digitalized India mission as well in the near future. Accordingly, we had designed a program for imparting financial literacy among students and participants. We understand that targeting the individuals from students to elder one’s.
Key points of our initiatives are as under:-
How to plan expenses: Our NGO will educate students/ their parents about how to plan for expenses and keep the track record for practical explanations.
Selection of priorities: Maximum times, funds are being miss-used when priorities are not clear among them. We shall educate students how to handle them onFIFO basis. Mismanagement of fund will create a problem when the earning are affected.
Loans and advances: For the economic development as stated above, many Bank's schemes are available for all sections of societies besides the Government schemes. This facility is available to all citizens subject to their finding need based requirements subject to his respective eligibility for the same. But, subsequently, repayment of the availed loan is equally most important part of this facility. Granting of loan is based on the repayment capacity of the applicant and also based on earnings of the borrower post availment of the finance. Healthy economic development and growth in the GDP can only be envisaged provided healthy banking cultures are followed meticulously by one and all. Our organization, will ensure imparting of proper literacy among students / citizens to make them aware about all such intricacies in this regard.
NPA’s: Senior secondary students must know about this NPA term as this gives a major dent to our economy and Banking fraternity. They must know that the misused or non-refunded money is a public property and all segments of society are equally affected by such failures.
Financial restructuring: Many a times, it's observed that farmers are committing suicides due to their depression on account of their inability to repay the borrowed funds for obvious reasons. We shall impart literacy among those borrowers facing financial crunch about the availability of "Restructuring" facilities for various target groups.
How this is different:
The difference of all other sensitization programs, other CSR activities and this program is the “quantification”, the numbers of students per schools and per district. We will monitor the behavioral change and understanding of students.We also provide feedback, which will derive the impact.
Impact analysis:
It is a gradual and continual process. The data of outcome and feedback can be used to derive the impact analysis and attract more and more students and help to form a chain.
