Financial Literacy (FinLit) Cell

                    Creating Awareness and Empowering people to make sound financial decisions

  Background and the contextual issues for creating the need of the FinLit Cell

Dr.Brijmohan Dayma and Dr.Sarika Dayma are the faculty members from the college. While interacting with the college students, they were many incidences which indicated the poor financial literacy level among students and their parents. Majority students were the first generation learners from rural areas and Marathi medium. That created restlessness in them. Coincidently, both of them were certified as the SEBI-NISM resource person for promoting financial literacy in Maharashtra in August 2011. It gave birth to the concept of having a dedicated cell in the college for promoting financial literacy.  So the cell was established in September 2011. At the time of inception of the cell the first 3 objectives were decided.  The NAAC Peer Team visiting the college in March 2014 (2^nd cycle) suggested to add the research dimension to the Cell. In 2014-15, the 5^th objective was added considering the demand from the students’ community. 

Objectives of the FinLit Cell

• • • To promote financial literacy across Maharashtra among different sections of society
    • To create financial awareness and empowerment through financial literacy programmes
    • To work in collaboration with the national and international institutes promoting the financial literacy
    • To prepare appropriate financial literature for the target groups
    • To promote research in various aspects of financial literacy

Activities of the FinLit Cell and beneficiaries

Outcome-

• • • Since August 2011, total 268 SEBI financial literacy workshops are conducted throughout Maharashtra.
    • More than twenty five thousand participants benefited from the workshop during last seven years.
    • On satisfactory performance of the RPs, their tenure is extended upto 31^st March 2020.
    • Due to the excellent track record of past years, our two RPs were selected for promoting the NCFE-NFLAT.
    • FEW 2017 (255 students from 2 colleges) and FEW 2018 (725 students from 11 colleges) got good response from college students and teachers. These programmes played an important role to promote financial literacy among higher educated youths.

Challenges faced-

• • • Initially the SEBI study material was in Hindi and English only. However, most of the participants were from Marathi speaking community. We requested SEBI to provide material in Marathi and since 2013 it is available.
    • The students were reluctant to use English study material and demanded the study material in simple Marathi language. So we have to develop it and provide it on cost basis.
    • The resource persons have to arrange workshops after normal working hours or during holidays.
    • It is challenging to convince rural people, senior citizens and deprived sections for the workshop.
    • The college has financial constraints for research work. So we requested the parent society (DES) and it has sanctioned 2 MRPs to teacher members of the cell.
    • Due to lack of sufficient infrastructure, a school was unable to conduct online NFLAT. The college arranged the test for approximately thousand girl students in the college computer lab.

Financial Literacy (FinLit) Cell

                    Creating Awareness and Empowering people to make sound financial decisions

  Background and the contextual issues for creating the need of the FinLit Cell

Dr.Brijmohan Dayma and Dr.Sarika Dayma are the faculty members from the college. While interacting with the college students, they were many incidences which indicated the poor financial literacy level among students and their parents. Majority students were the first generation learners from rural areas and Marathi medium. That created restlessness in them. Coincidently, both of them were certified as the SEBI-NISM resource person for promoting financial literacy in Maharashtra in August 2011. It gave birth to the concept of having a dedicated cell in the college for promoting financial literacy.  So the cell was established in September 2011. At the time of inception of the cell the first 3 objectives were decided.  The NAAC Peer Team visiting the college in March 2014 (2^nd cycle) suggested to add the research dimension to the Cell. In 2014-15, the 5^th objective was added considering the demand from the students’ community. 

• • • To promote financial literacy across Maharashtra among different sections of society
    • To create financial awareness and empowerment through financial literacy programmes
    • To work in collaboration with the national and international institutes promoting the financial literacy
    • To prepare appropriate financial literature for the target groups
    • To promote research in various aspects of financial literacy

• • Dr.Sarika Dayma, Project Coordinator
  • Dr.Brijmohan Dayma, Member
  • Shri.Shrikant Pandya, Member

• • • Since August 2011, total 268 SEBI financial literacy workshops are conducted throughout Maharashtra.
    • More than twenty five thousand participants benefited from the workshop during last seven years.
    • On satisfactory performance of the RPs, their tenure is extended upto 31^st March 2020.
    • Due to the excellent track record of past years, our two RPs were selected for promoting the NCFE-NFLAT.
    • FEW 2017 (255 students from 2 colleges) and FEW 2018 (725 students from 11 colleges) got good response from college students and teachers. These programmes played an important role to promote financial literacy among higher educated youths.

• • • Initially the SEBI study material was in Hindi and English only. However, most of the participants were from Marathi speaking community. We requested SEBI to provide material in Marathi and since 2013 it is available.
    • The students were reluctant to use English study material and demanded the study material in simple Marathi language. So we have to develop it and provide it on cost basis.
    • The resource persons have to arrange workshops after normal working hours or during holidays.
    • It is challenging to convince rural people, senior citizens and deprived sections for the workshop.
    • The college has financial constraints for research work. So we requested the parent society (DES) and it has sanctioned 2 MRPs to teacher members of the cell.
    • Due to lack of sufficient infrastructure, a school was unable to conduct online NFLAT. The college arranged the test for approximately thousand girl students in the college computer lab.