MBA students take on Financial Literacy Project with Govt. Schools in rural areas

The MBA (FMP) students of batch 2013-15 went to more than 23 Government schools in rural areas to disseminate financial education under the Financial Literacy Project – a social initiative of Chitkara Business School. They educated the school students about role of banks in day-to-day life. For this, students of MBA delivered interactive lectures and did role-playing so that the higher secondary and senior secondary students could understand the content of the program.

The session was started with a pre-opening quiz, which was in regional language to find out the gap in their awareness level. At the end, the feedback of the target audience was also taken to future endeavors. This project is a part of curriculum of MBA (FMP) students being taken up under the guidance of Dr. Kiran Mehta and Dr. Renuka Sharma.

Through their role-playing activities and interactive sessions, the MBA (FMP) students tried to focus on following aspect:

• Importance and basic role of a Bank
• Important features of a Bank, which include:
  • Taking Deposits from public and paying them interest
  • Giving out Loans to public and charging Interest
• Detailed description of Loan aspect of a bank and how it is better than unorganized lending structure.
• Types of Accounts and holder variants available for the convenience of customers.
• Awareness of banking system in rural India so that economic growth can be achieved.
• General meaning and simplified version of the concept of Demand and Supply and how it helps in the circulation of currency.
• Information about currency notes regarding their wear and tear and safekeeping.
• Points of difference between a Real and a Fake currency note.
• Terminologies like Inflation, repo rate, interest rate were explained using the simplest possible language.

The project is highly appreciated by all Schools and more such visits are sought after by the Schools. Some of the schools offered such projects to be taken up for the parents of the students studying in Govt. schools as well within the village. MBA students of CBS will cover more than 500 parents under this initiative within next six months to promote Financial Literacy.

While congratulating all students and Faculty Incharges of Chitkara Business School, Dr. Madhu Chitkara, Vice-Chancellor, Chitkara University, remarked, “It is part of giving back to the society. Education is the best tool to empower human kind. We are very happy to see these youngsters, doing MBA with our Business School, taking such initiatives related to their social responsibility. We wish good luck to them for their future endeavours and support them in all their efforts.”