For Financial Inclusion
As you all may be aware of the necessity of the Financial Inclusion in the Indian Financial Markets; lets all do a little brainstroming on how we all can work together and what are the areas right from the base in terms of the Financial Inclusion and increasing the participation of the masses which could lead to strengthening and shaping up the 'Future of Indian Financial Market'.
'Every 10 second, a new baby is born'.Hence imagine how diffcult it is to ensure to reach the entire mass for the Financial Literacy. In this case,we should first think of stengthening the base. In my view, our indian education system should introduce a mandatory subject 'Financial Markets' like the History, Geography and others which should be exclusively talking right from the history and the evolution of financial Markets to the today's financial markets. The language should be very simple, easy to understand and should be made interesting.
I feel once this gets introduced, it really will help reaching the maximum masses including the rural and remote areas.
There are a lot of initiatives taken from the banking point of view like Nanadan Nilekani's UID and others ... Education can be a best and more prominent way to reach the mass ...it will show the difference automatically like for example,
If from the class 4th Financial Markets subject is introduced, then the students, the teachers, the parents, the tution classes like wise a huge mass will automatically start knowing about the Financial Markets. The area is very broad and should cover mainly focusing on first Banking, MF, Insurance, Stock Market, Exchange, Trading, Broking, and thus covering the entire Financial Categories with Emerging economies... and many more..
The only thing is that this concept should be well planned, easy understanding and fun to learn.
2 comments:
What you said is very true, Bindiya. We need financial inclusion in our country to make sure there is equitable and all around growth, rather than only a few growing while the other remaining poor. For this, we need financial literacy to percolate down to the lowest level and people to be aware of the benefits of investment.
By writing such blogs, you are indeed doing a noble cause. Let all of us unite and make the lower strata of the society aware of their financial being to enable equitable growth in India in the near future.
Keep up the good work!!!
Roshni Rao
A good post, Bindhya,but just to add a new dimension to your thought
1) Every nook and corner of India is being covered by Mobile Telephony(New mobile subscriptions are as rapid as birth rate here)
2) The Government has just auctioned 3G licences and BWA licenses.
The Telecom companies would soon roll out fast internet servicesand a host of other magic services over the phones.
3)Internet banking changed the way in which banking was done ( when you compare India pre internetbanking and post.)
4)If the 3G services and mobile internet banking solutions are craftly alligned, it will create a financial inclusion of a different league , altogether.
-Just my thoughts to add colour to your post.
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