Indian Banks’ Association (IBA), the self-regulatory body of banks in the country, has drawn up a plan for banks to catch their customers young.
In association with Child & Youth Finance International (CYFI), IBA has launched an initiative whereby every bank branch in the country will adopt a school in its vicinity to open accounts and impart financial education.
This move aims to transform school students into future economic citizens, the association said in a statement.
The plan to open accounts for children comes even as banks are in the midst of an aggressive financial inclusion drive under the Pradhan Mantri Jan Dhan Yojana (PMJDY) to open accounts for individuals from weaker and low-income segments.
The banking system has been set a target of opening 7.50 crore basic savings bank deposit accounts by January 26, 2015, under PMJDY.
Over the last few years, the Reserve Bank of India too has undertaken a financial literacy drive, whereby it disseminates information regarding its functioning as well as general banking concepts to various target groups, including school- and college-going children, women, rural and urban poor.
In fact, the central bank has brought out eight comic books, including Raju and the Money Tree and Money Kumar and the Monetary Policy , for school children as part of its financial literacy programme.
IBA was formed in 1946 to promote and develop sound and progressive banking principles, practices and conventions and to contribute to the developments of creative banking in India. It has 131 ordinary and 58 associate members. CYFI, an organisation registered in Amsterdam and supported by the United Nations, leads the world’s largest movement dedicated to enhancing the financial capabilities of children and youth.
Launched in April 2012, the movement has already spread over 100 countries and has reached more than 18 million children.
Every year in March, the CYFI celebrates Global Money Week, a worldwide celebration to empower the next generation to beeome confident, responsible and skilled economic citizens.