To give practical experience of banking to its students, the Central Board of Secondary Education (CBSE) has decided to be a part of ‘School Bank Champs project’. The project is being run by the Indian Banks’ Association in collaboration with Child and Youth Finance International (CYFI), which is the world’s largest movement dedicated to enhance financial capabilities among children and youth.
Under the project, all the CBSE-affiliated schools would identify one bank in their vicinity where the students of Class IX and X would be taken regularly so that they understand the intricacies of banking sector. The project initially is aimed for students of class IX and X to make them financially literate so that they are able to maintain finances effectively in day to day life.
In a letter directed to all the Principals of the CBSE affiliated schools the CBSE Director, MVV Prasad Rao has said that after identifying a bank located nearby the schools should appoint a teacher as nodal officer for the project in their school. He said that the project apart from imparting financial knowledge would also teach students about My savings, Our club, financial management, Our community, Our enterprise and My life goals in regards to finances. The CBSE director has set up a deadline of October 20 to the schools by which they would inform the body about the bank they have chosen and name of the nodal teacher for the project.
Under the project the banks would open the account of the students and issue debit cards to them. They would be also given basic knowledge of operation of net-banking and make students aware of pension plans and insurance plans.
Appreciating the project the Principal of Doon Global School Dehradun, A S Singh said that the project would help impart practical knowledge about banking to the students. He said that the aim of the project is not merely opening accounts of the students but to make them aware about different aspects of banking. Singh said that students would learn money management and would be vigilant from online fraudsters. The students too are enthusiastic about the project. Akshara Semwal a class X student of a CBSE school said “Till date I am not aware about the process of opening the account and money transactions but now I am eagerly waiting to visit the bank and understand all the financial aspects of banking.”