India Post Payment Bank launches India’s first Floating Financial Literacy Camp in Srinagar
The Government of India owned India Post Payment Bank (IPPB) launched India’s first floating financial literacy camp around the world-famous Dal Lake of Srinagar, Jammu and Kashmir. The financial literacy camp was organised under the Niveshak Didi or female Dakiya initiative of the IPPB.
Niveshak Didi scheme
Niveshak Didi '' or female dakiya, is a joint initiative of Investor Education and Protection Fund Authority ( IEPFA),Ministry of Corporate Affairs with India Post Payment Bank.
The aim of the scheme is to promote financial and investor education amongst the women.
Trained women agents of the IPPB educate the general female population to develop adequate knowledge, skills, attitude and behaviour which are needed to manage their money better and plan for their future. This is also called as Financial Literacy.
Objectives of Financial Literacy
To promote and strengthen financial inclusion in India, government of India and the four financial sector regulators Reserve Bank of India (RBI), Securities Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI) and Pension Fund Regulatory and Development Authority (PFRDA) have launched National Strategy for Financial Education.
Currently the 2nd National Strategy for Financial Education (2020-2025) is being implemented in India. It has laid down the following objective to create a financially aware and empowered India:
- Inculcate financial literacy concepts among the various sections of the population through financial education to make it an important life skill
- Encourage active savings behaviour
- Encourage participation in financial markets to meet financial goals and objectives
- Develop credit discipline and encourage availing credit from formal financial institutions as per requirement
- Improve usage of digital financial services in a safe and secure manner
- Manage risk at various life stages through relevant and suitable insurance cover
- Plan for old age and retirement through coverage of suitable pension products
- Knowledge about rights, duties and avenues for grievance redressal
- Improve research and evaluation methods to assess progress in financial education
India Post Payment Bank (IPPB)
It is a payment bank which has been promoted by the Department of Post under the Ministry of Communication, Government of India .
IPPB was launched as a pilot project on 30 January 2017 in Ranchi (Jharkhand) and Raipur (Chhattisgarh).
It was formally launched on 1 September 2018 by Prime Minister Narendra Modi.
The Headquarter of IPPB : New Delhi
Punchline of the bank : Apka Bank Apke Dwar
Managing Director and Chief Executive Officer : J. Venkatramu
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