India to See Yet Another Bold Financial Literacy Program

Financial literacy is getting another positive jolt in India, where Ahmedabad-based Mahila SEWA (Self Employed Women’s Association) Cooperative Bank announced plans for its initiative aimed at tackling financial illiteracy in the rural areas of Ahmedabad.  The initiative will launch in ten of its branches, creating a financial literacy center in each of them. Jayshree Vyas, managing director of the bank, said: “We will have designated centers where financial literacy programs would be undertaken on a daily basis.” The focus of the bank’s efforts will be “not only to explain to them basic concepts like saving and the power of compounding, but there will also be handholding to help them navigate their big financial issues.”

This effort looks to educate a key component of India’s population. With the difficulties of today’s modern finances, an initiative such as this could prove to be very effective. The program will look to teach attendees not only financial literacy skills for today, but also guidance on skills for the future as well, such as planning for children’s education. “We will talk to them and also show them short films that talk of the fundability of money and how to come out of debt,” continued Vyas.

Through counseling, films and financial literacy professional guidance, the SEWA CO-OP looks to make a real impact in Ahmedabad. To read more about the initiative, please click here.