Financial literacy

With help from ESB, BMC launches financial education program in public schools

Students in Classes VIII and IX of Civic Schools in Mumbai will soon learn how to open a bank account, the use of netbanking, the importance and types of insurance and the use of online payment gateways, among others like the Brihanmumbai Municipal Corporation (BMC), in association with the Bombay Stock Exchange (BSE), has launched a financial education program in its schools.

Mumbai’s Custodian Minister and the state’s Environment and Tourism Minister Aaditya Thackeray on Monday launched the latest initiative of BMC’s education department – Mission Financial Literacy Programme. The idea is to empower children most of whom come from financially poor backgrounds, officials said. A booklet prepared as part of the program was also released at the event. The course will run as an extracurricular activity for the students.

This program will begin in June when schools restart for the new school year. According to the information provided by the BMC Education department, different subject lists have been prepared for the two classes. These include the opening of a bank account and its management, including the use of a passbook, check book, sight draft, payment slip, an ATM, bank loans, insurance policies and bonuses, etc. Other topics include the role and functions of RBI, debit and credit cards, cybersecurity in online banking, introduction to income tax, importance of saving and investing, introduction to the stock market and online trading.

BMC Education Manager Rajesh Kankal said: “The idea is to deliver the best in the form of working with the expert – BSE.”

About 100 teachers from Mumbai Public Schools (MPS) have been selected as master trainers to run this program. These trainers will first acquire knowledge from ESB officials on the topics and then train other teachers. The idea is to ensure that the financial literacy of younger generations will help improve Mumbai’s economic growth, officials said.