XLRI flags off initiative to spread financial literacy among villagers

XLRI Jamshedpur has kicked off a financial literacy program for the adjoining villages across East and West Singhbhum districts to spread awareness on benefits of banking and insurance and facilities available to bank account holders.

According to the institute, the objective of the initiative is to spread awareness of savings, insurance & old age pension among the villagers and urban poor. Under the initiative - Financial Literacy on Wheels, the student teams from XLRI would visit various public centers in remote villages like village meetings & festivals, schools, community associations, etc. to spread financial literacy using various forms of audio visual documents in villages in and around the district.

The initiative was inaugurated on July 2 in association with the State Bank of India (SBI) under the XLRI project Sanchetana. XLRI Jamshedpur Director Fr. E. Abraham inaugurated the event. Senior officials of SBI and faculty members and students of XLRI were also present on the occasion.

Financial literacy programs, can equip vulnerable participants to better navigate complex financial systems and highlight opportunities for positive change to public and private financial services and systems. I welcome this initiative undertaken by our team, said Fr. E. Abraham S.J., Director, XLRI Jamshedpur, flagging off the initiative. We always seek to underscore XLRIs mission on being a management school with a difference and uphold its commitment to inculcate a sensitive social conscience within future business leaders in the making he added.

Under the project Sanchetana XLRI students, research scholars and professors are organizing sessions with villagers, while, SBI is assisting them by bringing the rural populace under the fold of conventional banking. SBI is sending authorised agents equip with internet to open bank accounts for villages. The volunteers from XLRI are also conducting counseling sessions with rural high school students so that they learn the concept of saving early on. Dr. H.K. Pradhan, Professor of Finance & Chief Mentor of Sanchetana initiatives said, Financial literacy is an irreducible need for everyone. With this initiative, we intend to spread awareness and make people conscious about their financial decisions. The project Sanchetna has succeeded in instilling the knowledge among the village people. In just over a month, people who had never been to a bank in their life, are operating accounts. As many as 500 accounts have been opened so far, he added. Stay tuned to MBAUniverse.com for more news and updates from top B-schools in India.