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Two companies providing financial literacy to disadvantaged people through CSR

Two companies bringing financial literacy to the underprivileged through CSR – The CSR Journal

As India moves towards bringing most of its population under the tutelage of formal banking systems, it is important to ensure that most of its population is financially literate. This is key to building citizens’ trust in banking systems and enabling them to manage their finances effectively.
India is home to almost a fifth of the world’s population and has a literacy rate of almost 80%. Unfortunately, only 24% of people in the country are financially literate. Three-quarters of India’s population do not know or understand that the pressing need to manage their finances is frightening for a country that depends on the economy for its development.
In order to provide financial literacy to the poor, various entities are adopting financial literacy programs across the country. This venture involves several companies that spend their CSR funds to provide financial education to disadvantaged sections of society. Let’s take a look at some of these companies.

CNH Industrial Capital

CNH Industrial Capital, the financial services division of CNH Industrial, has launched a financial education program to educate farmers in Haryana and Uttar Pradesh. As part of its CSR initiative, the company’s experts will train 600 farmers on topics including financial literacy, farm mechanization, biomass management and state agricultural subsidies. The sessions will be conducted in important agricultural regions like Bhiwani, Mahendragarh and Charkhi Dadri villages in Haryana; and Sonbhadra and Hardoi in Uttar Pradesh.
Launched on June 15 in Charkhi Dadri district, this specialized program will initially help farmers learn about the basic concepts of banking, digital payments, insurance, investments, protection against fraud and financial planning. A subsequent session will focus on various government initiatives such as agricultural/horticultural subsidies, agricultural mechanization schemes and other value-added approaches. The final session of the program will focus on crop residue management, farm equipment funding programs, and regional grants offered by the state government.
“Educating Indian farmers on emerging technologies, policies and other government programs will help them ease their financial burden and grow faster. This initiative will sensitize the farming community to the resources available to further increase their productivity,” said Vishal Chaudhury, Managing Director of CNH Industrial Capital India. “We are confident that at the end of the program, farmers will be able to better manage their finances and produce more sustainably,” he added.

Vodafone idea

Vodafone Idea, through its Vodafone India Foundation, recognizes the need for financial inclusion and has launched its flagship program Jaadu Ginni Ka in partnership with the NIIT Foundation to provide a sustainable financial literacy training program in semi- urban and rural India. The pilot study revealed that most people were either semi-financially literate or completely unaware of financial matters.
The Vodafone Foundation’s Financial Literacy Program is designed to enable participants to learn the ‘basics’ of financial management that enable them to use technology in ways that are relevant to their daily lives. Through this training, participants will learn the basics of banking and savings, mobile accounts and e-wallets, smart borrowing, investing, risk management with assurance, and financial planning.
Through Jaadu Ginni Ka, the company envisioned an ambitious goal of equipping 15 million Indians with financial literacy tools by 2017.
Jaadu Ginni ka’s content is developed in consultation with leading financial experts and has been extensively tested before launch. It is based on a simple storytelling format and offers many game activities and quizzes. The entire content is in 10 Indian languages ​​and is available for free download for Android devices.
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