Besides lessons on advanced chemistry, world history and trigonometry, students of classes IX and X will now be learning crucial money management lessons in their respective classes. With the Central Board of Secondary Education (CBSE) all set to launch a project called ‘school bank champs’, the students will be seen managing their own bank accounts and saving their pocket money.
The project aims to motivate the school students to learn the concepts of finance and also measure their financial awareness so that they can easily navigate their life and learn to manage the money matters at an early age. Therefore, the board in its recent circular has invited all the affiliated schools to collaborate with their nearest banks and appoint a particular teacher who would like to take up the project as a nodal officer.
As per the circular, the project was initially voluntarily started by the Indian Banks’ Association and was subsequently brought under the Prime Minister’s Jan Dhan Yojana (PMJDY). Each school has to send the details of their banks and respective nodal officers to the board by October 20.
Says CBSE Regional Officer R J Khanderao, “This project will work in favour of the students only. There will be so many things to learn about. Management of financial matters which sounds boring will be an interesting activity for the students. They will know how to save, how to deposit, how to withdraw money from accounts. This is the best age to learn how to manage money matters.”
The board has told the affiliated schools to identify the nearest banks so that the officials could interact with the students frequently and increase their knowledge about the nitty-gritty of Internet banking, pension plans and insurance plans being offered by several banks.
Anu Kumar, principal of Stepping Stones Senior Secondary School, Sector 37, says, “Earlier, in chapters on banking for students of classes XI and XII, we used to show the students passbooks, ATM cards and would explain to them the procedure to open an account. With CBSE’s project, the learning will go a step further, especially for all those who are not aware of the financial management. I am sure that the children these days are smart enough and they will like this project a lot.”
She adds, “However, I wonder how this project will work when a majority of school students do not get regular pocket money. So what are they going to save in their accounts?”
Jaskiran Harika, principal of the DAV School, Sector 8, says, “CBSE has taken a wonderful initiative because I am sure that many adults do not know much about the banking system, insurance plans or the pension plans offered by various banks. Through this project, our students can educate others about the management of finance and banking.”
Financial literacy assessment test
Besides this, the CBSE has also issued a circular stating that to enhance the financial abilities of the students of classes VIII-X, the National Institute of Securities Markets (NISM) will be conducting a national financial literacy assessment test on November 28 and 29. To be conducted in both English and Hindi, the test will include topics related to basic concepts of finance. The test of 60-minute duration will comprise 75 questions. Top 30 schools will be given cash awards worth Rs 25,000.