Financial Literacy Program by NABARD

NAMSAI, Jul 12: Marking the NABARD’s 43rd Foundation Day, District Development Manager (DDM) of NABARD, Kamal Roy conducted an insightful “Financial Literacy Programme” for class XII students at Govt Hr Sec School (GHSS) here today.

The event was inaugurated by the school Principal Jeyum Romin. In his opening remarks, Jeyung emphasized the significance of financial literacy for students, encouraging them to fully engage with the programme. He said that the knowledge gained from this session would be instrumental in understanding the Indian financial system and beneficial for their future careers.

During the programme, the DDM NABARD provided a comprehensive overview of the banking sector. He detailed different banking products including savings accounts, current accounts, and term deposits such as recurring deposits (RD) and fixed deposits (FD). He also discussed the different types of banks in India, the importance of saving, and social security schemes like Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY).

In a focused session on “Importance of Insurance,” the DDM covered various types of insurance, including life and general (non-life) insurance. He particularly emphasized motor insurance, explaining the India Motor Tariff (IMT) and the procedures for making Motor Accident Claims Tribunal (MACT) claims.

The DDM also introduced concepts of mutual funds and stocks, stressing the benefits of Systematic Investment Plans (SIP) for financial planning. He elaborated on the roles of financial regulators in India, such as the Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (IRDAI), and Securities and Exchange Board of India (SEBI).

Roy further discussed the contributions of financial institutions like NABARD, SIDBI, and NEDFi, and explained NABARD’s role in rural development, financial inclusion, and the upliftment of rural livelihoods through support for farmers, SHGs and more.

In the final segment of the programme, Roy offered career guidance for students interested in pursuing careers in the financial sector. He provided advice on exam preparation for various banking and financial institutions, encouraging students to focus on knowledge, analytical skills, and communication abilities to achieve success in competitive exams and build a strong future.