Financial education needs to become a part of our national curriculum and scoring systems so that it's not just the rich kids that learn about money. It's all of us.
-- David Bach, Personal Finance Author, Speaker, and Consultant
From India, Madras
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457-- David Bach, Personal Finance Author, Speaker, and Consultant
From India, Madras
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Hi AVS,
The Indian Government wants banking to reach even the less privileged people and to this effect has initiated what is known as the "Financial Inclusion" scheme.
As per the decision of the Government, the Reserve Bank of India has asked banks to open "No Frills" savings accounts. This means banks are opening accounts with minimum or nil balances to encourage the habit of banking among those who were hitherto not exposed to banking habits. The purpose of this scheme is to provide banking facilities to these underprivileged people at an affordable cost.
The Indian Bank, which has its Head Office in Chennai, opened one such rural bank in Dharavi, the Asia's largest slum area, in Mumbai, a few years ago. You know how much amount they could collect from these slum dwellers? A whopping Rs. 60 crores!
This shows that there is money with these poor people, and if such money could be tapped, it can be used for the country's economic development. The only thing is we should provide good opportunities for these underprivileged people, and they will utilize this opportunity and come up in life. The country will also benefit.
M.J. SUBRAMANYAM, MUMBAI
From India, Bangalore
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The Indian Government wants banking to reach even the less privileged people and to this effect has initiated what is known as the "Financial Inclusion" scheme.
As per the decision of the Government, the Reserve Bank of India has asked banks to open "No Frills" savings accounts. This means banks are opening accounts with minimum or nil balances to encourage the habit of banking among those who were hitherto not exposed to banking habits. The purpose of this scheme is to provide banking facilities to these underprivileged people at an affordable cost.
The Indian Bank, which has its Head Office in Chennai, opened one such rural bank in Dharavi, the Asia's largest slum area, in Mumbai, a few years ago. You know how much amount they could collect from these slum dwellers? A whopping Rs. 60 crores!
This shows that there is money with these poor people, and if such money could be tapped, it can be used for the country's economic development. The only thing is we should provide good opportunities for these underprivileged people, and they will utilize this opportunity and come up in life. The country will also benefit.
M.J. SUBRAMANYAM, MUMBAI
From India, Bangalore
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