The Indian Banks’ Association (IBA) has drawn up a massive plan for banks to catch their customers young. Partnering with Child & Youth Finance International (CYFI), IBA has launched an initiative whereby every bank branch in the country will adopt a school in its vicinity to open accounts and impart financial education.
According to the IBA, the self-regulatory body of banks in the country, this move is aimed to transform school students into future economic citizens. The plan to open accounts for children comes even as banks are in the midst of an aggressive financial inclusion drive under the Pradhan Mantri Jan Dhan Yojana (PMJDY) to open accounts for individuals from weaker and low-income segments.
The banking system has been given a target of opening 7.50 crore basic savings bank deposit accounts by January 26, 2015, under PMJDY. CYFI, an organisation registered in Amsterdam and supported by the United Nations, leads the world’s largest movement dedicated to enhancing the financial capabilities of children and youth.
Launched in April 2012, the movement has already spread over 100 countries and has reached more than 18 million children.
Every year in March, the CYFI celebrates Global Money Week, a worldwide celebration to empower the next generation to beeome confident, responsible and skilled economic citizens.