NABARD Hosts Financial Literacy Programme for Class XII Students at Government Higher Secondary School, Namsai

Staff Reporter:

Namsai, 12th July 2024: In celebration of NABARD’s 43rd Foundation Day, Kamal Roy, the District Development Manager (DDM) of NABARD, conducted an insightful “Financial Literacy Programme” for Class XII students from the Science, Commerce, and Humanities (Arts) streams at Government Higher Secondary School (GHSS), Namsai.

The event was inaugurated by Shri Jeyum Romin, Principal of GHSS, Namsai, who warmly welcomed Shri Kamal Roy, DDM NABARD to the students. In his opening remarks, Shri Jeyung emphasized the significance of financial literacy for students, encouraging them to fully engage with the programme. He highlighted that the knowledge gained from this session would be instrumental in understanding the Indian financial system and beneficial for their future careers.

During the programme, Shri Kamal Roy, DDM NABARD provided a comprehensive overview of the banking sector, explaining its role and functions along with various services available to the public. He detailed different banking products including savings accounts, current accounts, and term deposits such as recurring deposits (RD) and fixed deposits (FD). He also discussed the different types of banks in India, the importance of saving, and social security schemes like Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY).

In a focused session on “Importance of Insurance,” DDM covered various types of insurance, including life and general (non-life) insurance. He particularly emphasized motor insurance, explaining the India Motor Tariff (IMT) and the procedures for making Motor Accident Claims Tribunal (MACT) claims.

The DDM also introduced concepts of mutual funds and stocks, stressing the benefits of Systematic Investment Plans (SIP) for financial planning. He elaborated on the roles of financial regulators in India, such as the Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (IRDAI), and Securities and Exchange Board of India (SEBI).

Roy further discussed the contributions of financial institutions like NABARD, SIDBI, and NeDFI, and explained NABARD’s role in rural development, financial inclusion, and the upliftment of rural livelihoods through support for farmers, SHGs and more.

In the final segment of the programme, Roy offered career guidance for students interested in pursuing careers in the financial sector. He provided advice on exam preparation for various banking and financial institutions, encouraging students to focus on knowledge, analytical skills, and communication abilities to achieve success in competitive exams and build a strong future.

Master Aieno Norah, a Class XII Science student, delivered the vote of thanks, expressing gratitude to Shri Kamal Roy, DDM NABARD for the informative and motivating session. He thanked him for sharing valuable insights and guidance for their future endeavors.

The successful organization of the programme was managed by Ms. Kachina Mantaw, TGT at GHSS, Namsai.

This initiative by NABARD aimed to equip students with essential financial knowledge and inspire them towards future academic and professional excellence.