India Post Payments Bank (IPPB) conducted the first Floating Financial Literacy Camp through the ‘Niveshak Didi’ initiative to educate women about financial literacy in India’s Srinagar, J&K. The programme is designed by and for women, as rural women are more comfortable discussing their queries with fellow women. The event was hosted by IPPB, in association with the Investor Education and Protection Fund Authority, under the authority of the Ministry of Corporate Affairs.
Niveshak Didi Initiative
The Niveshak Didi initiative is a financial literacy program based on the ideology of women helping women. It allows rural women to share their financial queries and concerns with other women, thereby creating an environment of trust and understanding. This initiative has been launched by the India Post Payments Bank (IPPB), together with the Investor Education and Protection Fund Authority, under the aegis of the Ministry of Corporate Affairs.
The Floating Financial Literacy Camp covered various aspects of banking and financial services, such as the importance of joining mainstream financial services and protecting against potential risks and fraud.
Other Indian Financial Literacy Initiatives
Along with Pradhan Mantri Jan-Dhan Yojana, India has introduced various other programs to promote financial inclusion. These include Pradhan Mantri Jeevan Jyoti Bima Yojana (life and accident insurance for migrants and labourers), Pradhan Mantri Kisan Maan Dhan Yojana (social security for farmers owning less than two hectares of land), and Pradhan Mantri Mudra Yojana (loans up to 10 lakh for small/micro enterprises). All these initiatives aim to improve access to financial services among India’s unbanked and under-banked population.
About India Post Payments Bank (IPPB)
IPPB was established under the Department of Posts, Ministry of Communication with 100% equity owned by the Government of India. The bank was created to remove barriers for the unbanked and under-banked population of India and aims to provide the most accessible, affordable and trusted banking services. It operates through a vast network of post offices and employees nationwide.
The bank is built on the key pillars of India Stack. It enables Paperless, Cashless and Presence-less banking in a simple and secure manner at the customers’ doorstep. This is done through a CBS-integrated smartphone and biometric device. Committed to promoting a cashless economy and contributing to the Digital India vision, IPPB plays a crucial role in improving access to financial services in the country.
UPSC Civil Services Examination Questions
One UPSC Civil Services Examination question related to the Pradhan Mantri MUDRA Yojana was about its aim. The correct answer is that the Pradhan Mantri MUDRA Yojana (PMMY) aims at bringing the small entrepreneurs into the formal financial system by providing loans up to 10 lakh. These loans are given by various types of financial institutions, including Commercial Banks, Regional Rural Banks (RRBs), Small Finance Banks, Cooperative Banks, Micro Finance Institutions (MFIs) and Non Banking Financial Companies (NBFCs).
Two other questions related to the Pradhan Mantri Jan Dhan Yojana (PMJDY) focused on its necessity for financial inclusion of the poorer section of the Indian society and the role of financial inclusion in achieving economic growth in India. The PMJDY has been vital in bringing unbanked individuals to the institutional finance fold, thereby contributing significantly to financial inclusion and economic growth in the country.