Financial literacy: MCA wants educational institutions, industry bodies to shoulder responsibility

Our Bureau New Delhi | Updated on September 07, 2021

Rao Inderjit Singh   -  Businessline

Technology will play a key role in the years to come, says Minister Rao Inderjit Singh

The Corporate Affairs Ministry (MCA) has urged educational institutions, industry bodies and other stakeholders like think tanks to come forward to shoulder the responsibility of increasing financial literacy across the country through appropriate awareness campaigns.

Addressing a national webinar organised by the Investor Education & Protection Fund Authority (IEPFA), Rao Inderjit Singh, Minister of State for Corporate Affairs, also said that technology will play a key role in the years to come and that IEPFA must make good use of it to reach out to investors in every corner of the country to make India a financially included nation.

“Financial inclusion and investor protection is a top priority for the government. Promoting financial education will help in realising the collective potential of our country,” he said.

Singh highlighted that neither is investor education a one-time exercise nor is it possible to provide lifetime protection through one or two class room studies which can help protect investors.

“It is an ongoing process and an innovative mechanism is needed to impart investment related education to more people quickly, particularly when market is aspiring to introduce more and innovative financial products. The intervention of financial education would have to be customised to local language and settings as per different sets of audiences,” he said.

On the occasion of the 5th anniversary of its existence, the inaugural issue of an IEPFA e-newsletter was also launched on Tuesday.

It maybe recalled that IEPFA was set up in September 2016 for administration of investor education and protection fund ( IEPF). It has also been entrusted to make refunds of shares, unclaimed dividends, matured deposits/debentures etc to investors and promote awareness among investors.

Speaking at the webinar, Rajesh Verma, Secretary, MCA, indicated that government would introduce certain measures in MCA21 3.0 to improve the overall functioning of IEPFA.

A well-structured investment programme to focus on investors educating them on the rights and responsibilities empowering investors with knowledge to evaluate different financial products and make informed decisions vis-a-vis financial and retirement planning.

Published on September 07, 2021

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