1. ISR (INDIVIDUAL SOCIAL RESPONSIBILITY)
NILESH SHYAMSUNDER SAWANT.
ADMISSION NO . HPGD /JUL 14/2790
SOCIAL CAUSE: FINANCIAL LITERACY FOR WOMEN,YOUNG
AND COLLEGE STUDENTS
NAME OF THE NGO: “SANCHAYAN”
PRIN.L.N. WELINGKAR INSTITUTE OF MANAGEMENT
DEVELOPMENT & RESEARCH
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2. INDEX
SR.NO PARTICULARS PAGE NO
1) INTRODUCTION
a) FINANCIAL LITERACY
b) FINANCIAL SYSTEM PARTS
1. GIVING BACK TO THE SOCIETY
2. DIFFERENT WAYS TO GIVING NGO’S
3. TAX BENEFIT ON DONATIONS
4. FINANCIAL INCLUSION
5. FINANCIAL LITERACY
6.
7. NGO (SANCHAYAN)
8.
9.
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3. INTRODUCTION:
The ultimate GOAL of increasing financial literacy is to make smart money
decisions and improve your financial knowledge. Financial literacy and
awareness can help you take proper decisions on every topic of finance from
your expenses, savings, budgeting to using plastic money wisely. Each of
these decisions has an impact on your finances overall and hence the ability
to make good financial decisions is very important. To help make profitable
financial decisions, it is necessary to understand the basic purpose of
financial knowledge and investing
However,In terms of overall financial literacy, India is at the bottom among
16 countries in the Asia-pacific region with 59 index points, according to the
annual MasterCard’s index for financial literacy. Only Japan fared worse with
57 points.
The survey polled consumers on three aspects—basic money management
(50% weight), financial planning (30% weight) and investment (20% weight)—
to arrive at the overall financial literacy index. On individual parameters,
India scored 50 index points in basic money management, which was lowest
among 16 countries.
The report states that for Indians, “the lack of ability to keep up with bills,
set money aside for big item purchases and to pay off credit cards fully could
be due to a lack of surplus cash, resulting from the fact that income levels
are not high enough to cover expenses”
Financial Services giant VISA, Indians emerged as one of the least
financially literate among 28 countries. Some of the reasons why Indians
ranked low in this reports was the lack of household budgets, lack of money
management discussions with family, financial education and overall
understanding of money management basics.
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4. Indian families discuss money matters including budgeting, saving and
spending habits with their children just 10 days per year. The reason ?
43%women and 20% men said they did not understand money management
well enough to discuss the subject with their children’s.
Another survey on the elderly by HelpAge India indicated that 79%of India’s
oldest old are financially dependent on their childrens.This financial
dependency was highest in Delhi NCR at 90%, Kolkata at 84% followed by
Ahmedabad at 83% and Hyderabad did the best at 40%
Data source : visa
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5. FINANCIAL LITERACY
Financial Literacy and Financial Stability are two aspects of Efficient
Economy. Financial Literacy enhances the ability to effectively monitoring of
financial resources for developing the economic security of a person.
Financial stability of economy is based on these terms and currently it is
necessary for developing and developed country. Currently most of countries
are adopting various programs for financial education. India is having large
population, growing economy with national focus on inclusive growth and an
urgent requirement to develop a vibrant and stable financial system. The
Reserve Bank Of India, which is the central bank, has been actively
participating in the field of eradicating financial literacy and maintain
financial stability in the country. RBI has developed various strategies and
adopted programs to develop a smooth process of financial literacy. The
present study focus on some important aspects which are necessary for
financial literacy to effective financial and economic stability. Financial
literacy indicates awareness about financial products.
There are large numbers of stakeholders including the central and state
Governments, financial regulators, financial institutions, civil society,
educationists and others are involved in spreading financial literacy
In India the need for financial literacy is getting greater because of the low
level of literacy and large section of population which remains out of the
formal financial set up.
There are three parts of the financial system:
Financial intermediaries- Banks, insurance companies and other institutional
investors that direct funds from those willing to invest or lend to those who
want to borrow.
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6. Financial market- where lenders and borrowers meet such as money market
and capital market.
Financial market infrastructures -through which money and financial assets
flow between buyers and sellers such as payment systems and security
settlement systems.
There are several widely used definitions of financial literacy and financial
stability exists.
After analyzing a host of papers on the subject. Noctor, Stoney and Stradling
(1992) introduced, conceptualized and defined the term financial literacy as
“the ability to make informed judgments and to take effective decisions
regarding the use and management of money”. Anthes (2004) stated that
“personal financial literacy is the ability to read, analyze, manage and
communicate about the personal financial conditions that affect material
well being”.Organisation for Economic Co-operation and Development OECD
(2005) defines financial education is “the process by which financial
consumers/investors improve their understanding of financial products and
concepts and, through information, instruction and/or objective advice,
develop the skills and confidence to become more aware of financial risks
and opportunities, to make informed choices, to know where to go for help,
and to take other effective actions to improve their financial
Well-being.”
Ben Bernanke (2011) highlighted the need for continual updating of financial
literacy across all age groups because of the dynamic nature of financial
products and services as well as the changing needs and circumstances of
individuals with time. Puneet Bhushan &Yajulu Medury (2013) suggest that
overall financial literacy levels of individuals are not very high. Financial
literacy level gets affected by gender, education, income, nature of
Employment and place of work.
Financial Literacy as a tool for Financial Inclusion
The inclusion of the financially and socially excluded disadvantaged needy,
underprivileged and poor people of our country, India.Though for centuries
we have been in the forefront of the world affairs in the past centuries,
maybe because of civil, social and economic vagaries that the country had to
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7. suffer resulted in over 65% of the people excluded from any kind of financial
inclusion.
Now the question is what exclusion is and what inclusion is? Exclusion
broadly can be said of an individual deprived of having any facility to earn an
income, safeguard the same, transfer or invest for a further benefit, protect
from risks etc. Inclusion is to help him acquire all these facilities.
An adage in our classic language Sanskrit says “Dhanam Moolam Idam
Jagat”. Freely translated, this means Money is center of this universe. While
dogmatically one can argue on this adage, pragmatically one needs to
accept this, as money, which has an immense exchange power, can open
almost all doors.
When a major portion of the country’s people cannot open the doors because
of financial exclusion, there arises an imminent need to include them and
bring them into the mainstream. And to this the first and most important
action is to tell them and teach them. This process is called financial
literacy.
But the process of financial literacy is not as easy as it sounds. With vast
population, different languages and cultures, with illiteracy as a major
stumbling block this is indeed a challenge. But we need to accept this
challenge and make forays into the bastions of illiteracy to make the people
literate and financially literate at that.
The successive governments in India have taken up this task since the early
1950s soon after we attained our independence. Yet, one can say, the
momentum really gained after 2005 when Reserve Bank of India has given
directions and guidelines towards a more practical financial inclusion
pathway of which Financial Literacy combined with technology becomes a
major aspect.
Evaluation of Financial literacy
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8. In recent years, developed and emerging countries and economies have
become increasingly concerned about the level of financial literacy of their
citizens. While still few in number, innovative efforts are underway to help
microfinance clients and people improve management of their assets by
building knowledge of key financial concepts and developing skills to make
Informed financial decisions. The need for financial education is especially
salient in light of the current economic situation. Families struggling to high
rate of inflation and reductions in household income need to be able to Draw
on financial skills such as budgeting, saving, and credit and debt
management. In particular, many low- and moderate-income(LMI) families
that were already stretched thin before face even greater financial
challenges. These households suffer greater income losses (as a proportion
of total income) during high rate of inflation in economy and experience
slower economic recovery relative to higher-income households. Many of
these families lack the basic knowledge and resources required to save and
invest, build wealth, and avoid excessive debt; at the same time, many
remain outside of the financial mainstream and lack access to important
financial products and services. Financial literacy is expected to impart the
wherewithal to make ordinary individuals into informed and questioning
users of financial services. It is not just about markets and investments, but
also about saving pattern, budgeting, financial planning, and basics terms of
banking and most importantly, about being “Financially Smart”.
Importance of Financial literacy
Financial literacy is a very complex concept and it is very difficult to
understand the impact of financial literacy on society. In fact, as a part of
society, we are yet to fully recognize the need and potential of financial
literacy. The lack of basic knowledge about financial instruments and their
risk-return framework is one common instance of financial illiteracy that is
widely observed. Retail investors are greedy to get higher return at very
short time and most of them do not calculate the associated risk of financial
product. Thus, appreciation of various aspects of financial literacy and how it
impacts our lives holds the key to prudent financial planning and welfare
maximization, both- at the individual level and for the society as a whole.
Financial Inclusion and Consumer Protectionfocuses on financial literacy
which is necessary for ensuring financial stability. Financial literacy has
significant relevance for financial inclusion and consumer protection.
9. Without financial literacy, we cannot expect to make major headway in
either financial inclusion or consumer protection.
There are two essential element of financial inclusion, one of access and the
other of awareness. The acceptance of these two elements varies country to
country. For developed countries with widespread financial infrastructure,
the access to financial products/services is not a matter of concern. It is
more of a financial literacy issue in that market players/consumers are
required to be educated about the features of the available financial
products/services, including their risks and returns. In developing countries
like India, however, the access to products itself is lacking. Therefore, here,
both the elements, i.e. access and awareness need to be emphasized, with
improving access assuming greater priority.
Financial Literacy and Target People
Financial literacy target each class of people except that who are worked as
financial professionals. Actually there is very thin line between financial
literacy and illiteracy and it very difficult to choose a financial literate
person. So, it should be compulsory for everyone associated with the
financial system needs to be financially literate. This includes all users of
financial services, be it the financially excluded resource-poor, the lower and
middle income groups or the high net worth individuals; the providers of
services; and even the policy makers and the regulators. For the resource-
poor population, which operates at the margin, vulnerability can be acute
due to constant financial pressures. Cash management of household can be
daunting under difficult circumstances, with few resources to fall back upon.
Financial literacy efforts, in case of such population groups, essentially,
involves educating them about the benefits of being part of the formal
financial system and managing short term volatility in incomes and meeting
unexpected emergencies without getting trapped in unnecessary debt. For
the middle and lower-middle income groups that are participating in financial
markets as either savers or borrowers or both, i.e. the financially included,
financial literacy efforts should aim at enhancing their knowledge about the
market and new products/services. For instance, there is a large section of
10. our population that has a bank account but refrains from participating in the
capital market on account of lack of knowledge. Financial literacy, in such
cases, would focus on creating awareness about the way the capital market
functions and also about the fact that the equity market provides relatively
higher returns as compared to other investments, over a longer time horizon.
Similarly for high net worth individuals, better knowledge about the financial
markets, new and innovative products and instruments is important as it
helps them in making better use of the available avenues in the financial
markets. This knowledge is also useful for fetching greater returns from their
investments.
Content of Financial Literacy
It is very necessary to discuss some important content of financial literacy
which play a major role to develop sound financial stability in country.
Following are the major areas of financial literacy
Transaction of Money
This area includes the awareness of the different forms and purposes of
money and handling simple monetary transactions such as everyday
payments, spending, value for money, bank cards, checks, bank accounts
and currencies. Following task can come under it.
1.Awareness regarding different forms and purposes of money.
2.Recognition of banknotes and coins.
3.Understand the amount money is used to exchange goods and services.
4.Identify different ways to pay for items, in person or via the Internet.
5.Recognise that there are various ways of receiving money from other
people and transferring money between people or organizations.
6.Understand that money can be borrowed or lent, and the reasons for paying
or receiving interest.
7.Use of cash, cards and other payment methods to purchase items
11. 8.Use of ATM machines to withdraw cash or to get an account balance;
9.Checking transactions listed on a bank statement and note any
irregularities.
Risk and Return Analysis
Risk and return is a key area of financial literacy, incorporating the ability to
identify ways of managing, balancing and covering risks and an
understanding of the potential for financial gains or losses across a range of
financial contexts. There are two types of risk, The first relates to financial
losses that an individual cannot bear, such as those caused by catastrophic
or repeated costs. The second is the risk inherent in financial products, such
as credit agreements with variable interest rates, or investment products.
Following area come under it:
1.Recognition of certain financial products (including insurance) and
processes (such as saving) used to manage and offset various risks
(depending on different needs and circumstances)
2.Applying knowledge of the ways to manage risk including the benefits of
diversification and the dangers of default on payment of bills and credit
agreements to decisions about limiting the risk to personal capital.
3.various types of investment and savings vehicles, including formal financial
products and insurance products, where relevant and
4.various forms of credit, including informal and formal credit, unsecured and
secured, rotating and fixed term, and those with fixed or variable interest
rates
5.Knowing about and managing risks and rewards associated with life
events, the economy and other external factors, such as the potential impact
of theft or loss of personal items, job loss, birth or adoption of a child,
deterioratinghealth;
12. 6.fluctuations in interest rates and exchange rates and other market
changes. Knowing about the risks and rewards associated with substitutes
for financial products in particular such as saving in cash, or buying property,
livestock or gold and borrowing from informal lenders.
Financial Literacy and RBI Initiative
The Reserve Bank of India (RBI) released new guidelines for financial literacy
and credit counseling centers after a study showed most of the existing
centers were “actually working as institutions of sponsor banks”. RBI said a
nationwide survey of 30 centers in 16 states showed
informational material provided by these centers generally pertained to
various products of sponsor banks. “Even though 53 per cent of the FLCCs
(financial literacy and credit counseling centers) are run by separate
trusts/societies formed for the purpose, these are actually working as
institutions of sponsor banks due to their dependence for funding and
administrative support,” RBI said in a release. “Thus, FLCCs are not in a
position to maintain arms-length distance from sponsor banks as envisaged
in the model scheme.”RBI found all such centers were located in urban and
semi-urban areas and not in rural areas, where most of the financially
excluded population resides. Awareness of such centers is low, RBI said,
adding they serve mostly walk-in clients and have very few outdoor
campaigns. RBI said lead banks of various districts of the country would be
told to set up financial literacy centers in each lead district manager’s office.
The banks will be given a deadline to set up these centers. This is expected
to add more than 630 centers across the country. RBI said banks should
consider setting up need-based financial literacy centers in more locations.
The rural branches of all scheduled commercial banks will be expected to
promote financial literacy. To standardize the information disseminatedvia
such centers, RBI is preparing uniform training and educational modules that
would be distributed to all banks. Banks can translate the material into
different languages, with focus on explaining basic banking products such as
savings-cum-overdraft account. Financial centers would be expected to
maintain full record of the people served.
13. The onus of monitoring these centers would be on the banks and the state-
level bankers’
Therefore, for increasing the level of financial inclusion, the GOI and RBI
have taken few actions which include the following: • Nationalization of
banks (1969, 1980) • Priority Sector Lending requirements • Establishment of
Regional Rural Banks (RRBs) (1975, 1976) • Service area approach (1989) •
Self-help group-bank linkage program (1989,1990) The other measures taken
by GOI, RBI and National Bank for Agriculture and Rural Development
(NABARD) are shown in below table.
Customer Service
Centers
Credit Counseling
Centers
Aadhar Scheme
The National
Agricultural Insurance
Scheme
No-frill Account
Know Your Customer
General Credit Card
Project on Processor
Cards
Microfinance
Development Fund
Role of NGOs, SHGs
and MFIs
BF and BC models
Micro Pension Model
Nationwide Electronic
Financial Inclusion
System
Project Financial
Literacy
National Rural
Financial Inclusion
Plan
Financial Inclusion
Fund Project on “e-
Grama”
SHG-Post Office
Linkage
Financial Inclusion
Technology Fund
Separate Plan for
Urban Financial
Inclusion and
Electronic Benefit
Transfer Scheme
Financial Literacy
through Audio Visual
medium - Doordarshan
Support to
Cooperative Banks
and RRBs for setting
up of Financial
Literacy Centres
Farmers’ Club Program
Rural Volunteers as
Book Writers
14. Source: RBI, Economic Survey, Government of India, Various Issues.
Role of Post Office
Multiple initiatives have been undertaken by both GOI and the RBI to tackle
the problem of giving the unbanked people an access to financial services.
Many of these initiatives were entirely new schemes with little thought about
synergy with other schemes existing in the system. The existing extensive
network of post offices can be targeted by utilizing it as an alternative
banking solution for the unbanked people. In India, there are nearly 1,54,856
post offices as on March 31, 2013, with nearly ninety percent in rural areas
(Table 5). State-wise distributionof post offices reveals that a large network
in Bihar, Orissa, Madhya Pradesh and Uttar Pradesh can be useful to extend
financial inclusion.
15. Year Rural Urban
2009-2010 1,39,182 15,797
2010-2011 1,39,040 15,826
2011-2012 1,39,086 15,736
2012-2013 1,39,164 15,692
Source: India Post (2013).
SANCHAYAN NGO
Sanchayan is India's 1st social venture dedicated exclusively to Financial
Literacy for Youth and Adults.
Sanchayan is an independent & neutral nonprofit social venture that
educates and thus empowers the youth and low income adults to take
informed decisions with respect to their personal finances.
Along with the right financial information and guidance, Sanchayan delivers
suitable, low-cost financial services to the urban and rural poor.
Sanchayan works with Governments, Regulators, Financial Institutions,
Educational Institutes, CorporateFoundations, Partner NGOs, and other
public and private sector organizations to continue the mission of
disseminating neutral financial literacy.
Sanchayan Suraksha Points (SSPs)are one-stop points for the urban poor to
access ALL Financial services like Savings, Banking, Insurance, Mediclaim,
NPS, etc in an institutional manner.
Sanchayan Society is a registered non-profit organization registered under
The Societies Registration Act, 1860 vide registration number S/66874/2009
dated 09/09/09.
16. Mission –
A Financially Literate India
Vision
Financial Literacy: Disseminate financial literacy to Youth and Adults and
the underprivileged sections.
Financial Access: Facilitate the inclusion of the underprivileged section
into the mainstream banking and financial services industry.
Financial Security: Spread awareness and knowledge so that the youth
and adults are protected from risks.
Financial Advocacy: Work with the government and regulators to provide
basic financial products and services for the youth.
Financial Market Deepening: Promote maximum utilization of available
financial products and services among the Indian public.
Financial Education: Complement the existing academic curriculum in
schools and colleges by addition of financial literacy workshops to create
smart future investors.
Primary and secondary classification:
As per the International Classification of Nonprofit Organizations (ICNPO).
Education and Research
Other education (Vocational/ technical schools)
Beneficiary group: Adults and Youths
Geographic Focus: Urban and rural
Location: All over India (State: Delhi, Haryana)
Sanchayan NGO registered under societies registration act XXI of 1860. The
donation of the trust is eligible for exemption under section 80G under
Income Tax Act.
17. Coming Year Objectives/ Goals
Sanchayan NGO has planning to open 5 more Indian states
Open more Sanchayan Suraksha Points (SSPs) - One-stop points for urban
poor to access all financial services.
Conduct 200+ financial literacy workshops across India in partnership with
partner NGOs
Achievements
Recognized by SEBI as an Investor Association
Recognized by OECD as an 'Affiliate Member'
HOW THEY ARE CREATING AWARENESS IN THE
SOCIETY?
18. Increasing migration from villages to cities in search of income and survival
is changing the societal & economic landscape of India. Even the
policymakers have finally accepted that ‘migration is here to stay’. Migration
is escalating the need for urban income generation, protection, safety,
growth and financial security in the long term, so that the family survives and
then maintains a standard of living in the city commensurate with what they
had in the villages. In the city, the challenges are different, the needs are
more and the risks are far greater, leading to a breakdown of societal trust
and interdependence. With the recent launch of the ‘Make In India campaign
or ‘Swabhimaan Campaign’ by the Central Government in association with
the 'Indian Banks Association' (IBA) and the participation of key players such
as the Government, Regulators, Financial institutions and Private companies,
Financial Inclusion has become the central theme of inclusive growth.
Sanchayan NGO has been initiated with several programs such as Money
Smart and Money Suraksha program. Under Money smart program, Financial
Education for the privileged as well as disadvantaged youth so that they can
learn about money management and grow to become prudent adults,
responsible with their family finances.
Sanchayan Society Financial Literacy workshop in Sanskriti School, New
Delhi. Topics covered were Global economic crisis, Banking for Beginners,
Shares Markets, Credit Cards, etc.
19. Under Sanchayan Suraksha program, One-Stop Points for the urban poor to
access all financial services like savings, banking, insurance, mediclaim,
pensions and financial identity, combined with the right advice and financial
literacy.
Under Rural Financial Literacy program, Workshops for SHGs, farmers and
rural women to assist them in understanding financial products and services
and undertaking financial transactions for their long term well being. An
independent and neutral view of financial products & services which provide
financial security to rural households.
20. Sanchayan Society Financial Literacy workshop in Uttarakhand
HOW DO THEY PLAN THEIR ACTIVITIES?
Sanchayan works with Governments, Regulators, financial institutions,
educational institutes, corporate foundations,partner NGO’s, and other
public and private sector organizations to make financial literacy in India a
reality. Mr. Avik Kedia, Founder of the Sanchayan Society said, “Sanchayan
Society has always been at the forefront for financial literacy initiatives
amongst the poorest, as this is one section of the society which is generally
always left out.
Sanchayan is primarily run by AvikKedia who is a Chartered Accountant and
Chidambara, an art historian. AvikKedia has a passion for spreading financial
21. knowledge among the youth which motivates his work at Sanchayan.
Chidambara is passionate about the cause of literacy in any form, for the
disadvantaged youth, and is an expert program outreach coordinator. Being a
non-finance person, she brings with her a different thinking and
outlook.Currently, Sanchayan is building a strong foundation in Delhi region
and has started it’s operations in Mumbai and Bangalore. The organization
got officially registered on September 9th 2009 and recently got a tax
exemption under SEC 80G.
Sanchayan’s purpose is to create a meaningful impact in the development
sector, add value to the education system in India through financial
education and to enable common individuals to become empowered to make
decisions for themselves. It’s vision can be succinctly summed up as
“Enhancing income and enabling financial inclusion for the youth, urban
migrants and rural populations through a gendered approach to financial
literacy using technology”. Sanchayan’s mission is to disseminate informal
financial literacy for the underprivileged youth, provide formal financial
education for the well to do youth studying in schools and colleges and
enable financial security for the low income urban migrants and rural poor by
facilitating financial inclusion through financial literacy.
22. HOW DO THEY WORKING FOR A SOCIAL CAUSE?
The idea for starting Sanchayan came from the need to bring financial
education to the youth and individuals who are primarily from non-finance
background, but need basic financial literacy to manage their incomes,
expenditures and savings. India is a young country with more than 50% of
the population below the age of 30 years, and 60% of the urban and rural
poor do not have access to banking and other financial products and
services like micro-insuranceand affordable credit. Sanchayan aims to
target this market size of 70 crore youth and low income families by
providing them access to financial products and services and empowering
them to undertake everyday financial decisions on their own.
Sanchayan works in three verticals. First is the youth vertical, in which it
conducts the Sanchayan “Fun” Financial Literacy program at schools,
colleges and informal education centers. Second is the Urban Migrants
vertical where the focus is on working with the different communities in
Delhi and NCR like Jahangirpuri, Kotla,Mubarakpur, Burari,
Nizamuddin,Timarpur, Badarpur and other resettlement colonies, slums and
unauthorized zones where the majority of the urban poor live. The third
vertical is the rural communities where it works with farmers and SHGs.
Sanchayan started with financial inclusion by opening bank accounts for the
marginalized urban poor like rickshawallahs, auto drivers and vegetable
vendors. It believes that financial inclusion and financial literacy should go
hand in hand for both to succeed. It’s approach is to go to the communities
(schools, colleges, villages, slums etc.) and conduct extensive sessions on
financial literacy, leading to financial inclusion for the marginalized groups.
The concept is new but will gain popularity if the RBI, SEBI, MCA, Banks,
Insurance Companies, Stock Exchanges and NGOs working in the allied
fields of Financial Inclusion & Literacy came together on a single platform to
share knowledge and chart out a national strategy for disseminating
financial literacy.
Sanchayan organizes financial literacy workshops in public schools,
government schools, and other schools and colleges, non-formal education
23. centers, slums, rehabilitation colonies and rural areas. It always strives to
deliver unbiased and neutral financial knowledge in a simplified manner and
in the language that the target audience can comprehend. Financial Literacy
has different meanings and usefulness for different target groups. For
privileged youth studying at posh private schools in Delhi, financial literacy
means knowledge about interest charged on credit cards. For the youth
studying at the non-formal vocational education centers of one the partner
NGOs, financial literacy means knowledge about savings and banking. Topics
covered in these workshops can vary from banking, insurance and markets
to cash management and collective bargaining concepts for farmers groups.
Sanchayan uses innovative content and media like cartoon strips, videos,
games and stories on banking, finance, stock markets, investing etc. to
promote financial literacy. It deploys dedicated “Financial Literacy Trainers”
(FLTs) to conduct the training programs. This in turn creates jobs for
housewives and other women seeking flexible assignments and who
continue working with Sanchayan.
1. Schools & Colleges:
Sanchayan imparts literacy to teenagers & youth associated with formal as
well as non-formal schools, colleges and educational institutes or partner
NGOs. The need for financial education for this segment arises due to the
following reasons:
• Increased resources with the privileged section of the children and youth
leading to irresponsible handling of money.
• Children are losing the culture of savings and are inculcating wasteful
consumption habits.
• Need for financial education for the underprivileged so that they can plan
for financial security and an independent financial future.
2. Urban Migrant Communities:
In the cities, Sanchayan focus is on working with the different communities
in Delhi and NCR like Kotla Mubarakpur, Burari, Nizamuddin,Timarpur,
24. Badarpur, and other resettlement colonies, slums and unauthorized zones
where the majority of the urban poor live.
Sanchayan’s work in this areas stems for the need to:
• Create Awareness about various financial products, services and systems
like informal savings, lending practices and other financial transactions
• Emphasis on Risks associated with different financial schemes like
informal remittance mechanisms, matkas, chit funds, loan sharks, etc which
lead to loss of hard-earned savings for the urban poor
• Bringing the marginalized and the excluded into the fold of the mainstream
financial services and banking industry
• Indirectly Influencing the use of remittances back home, wherein the urban
poor have some a say in the use of remittance money towards education for
the children and other productive purposes
• Financial Planning for the urban poor so that they can plan for emergencies
and become financially secure in the long run
• Cheaper and Safer ways of undertaking financial transactions
3. Rural Communities:
The Indian Government’s,RBI’s, Banks’ and Financial Institutions’ focus is
only on ‘Financial Inclusion’ without first providing adequate ‘Financial
Literacy’ to the millions of rural populations who are excluded from the
formal financial system. Whereas Sanchayan’s focus is on making the
common citizen financially literate so that he/she can make independent &
informed financial decisions and individually undertake the process of
becoming included in the formal financial system, thus leading to financial
inclusion, thereby achieving the objectives of the Indian Government,
Regulators and Financial Institutions. This process of knowledge-sharing is
not happening as of now!! Sanchayan seeks to empower the rural masses to
be self-reliant and to plan for a financially secure future.
Financial Inclusion
25. Financial Knowledge
Financial Education
Financial Literacy
GOAL - Explaining practical finance to common man
SANCHAYAN PROGRAMS:
Young adult’s INFORMAL educationsystem:
This segment comprises of those young adults who are not part of the formal
education system. These less-privileged young adults are staying at homes,
orphanages and institutions with various NGOs across the country and some
of them are undergoing practical courses like computer courses, knitting and
tailoring, electrician, plumbing, beautician courses, etc. Financial literacy
programs for these young adults have been tailored to teach them the
elementary concepts like earning income, savings and budgeting before
moving on to other advanced concepts like investing, entrepreneurshipand
developing business skills. This segment of the youth is prone to getting
involved in various scams and frauds thus exposing them to the risk of
financial loss and insecurity. Sanchayan attempts to educate them about
right financial choices and pitfalls.
26. Sanchayan - Room to Read Financial Literacy Program for 100 Girls as part of
Entrepreneurship Development Programnamed 'Udaan'.
Young Adults FORMAL education system:
The need for financial literacy for the young adults from well to-do families
arises from the need to bring about a cultural change in the manner in which
they handle their money and finances. The objective is to bring about an
attitudinal shift in their outlook towards money and encourage them to
inculcate good financial habits like savings and budgeting and to create
awareness about basic concepts like banking, credit, concept of
appreciation and depreciation, financial instruments, markets, economy, etc.
27. Financial Literacy workshops for students of Seth Anandram Jaipuria School,
Ghaziabad, conducted by Sanchayan Society.
28. Farmers Financial Literacy Program {FFLP}:
Sanchayan has successfully implemented a unique financial literacy program
for farmers that seek to empower them about concepts like financial
dependence versus self-dependence, budgetingand accounting for
agricultural costs and revenues, cash management, savings and investing,
market linkages, collective sale and bargaining and other financial
29. agricultural issues. This program is supported by the World Bank as part of
the National Agriculture Innovation Project (NAIP).
Explaining the benefits of NPS Lite to the farmers in rural Jaipur
Sanchayan ‘FUN’ Financial Literacy Program for Young Adults:
Program objectives to be financially literate require a few simple steps that
include being aware of the power of money and being responsible with
money. It includes saving money, spending money, investing money and most
importantly making smart all-around decisions. The following are the
objectives of the financial literacy program for the youth
Encourage the youth to save and invest from an early age Inculcate the
habit of reading newspapers and business magazines, planning for their
college and further professional education, assisting future investors to
understand and analyze financial news & data Understand the functioning of
30. the Indian economy Awareness about the global economic crisis and its
implications for India.
Under this project Sanchayan NGO has segregated in 2 parts. In 1st part
Basics of Banking, Pan card ,The importance of savings, different kinds of
Investment ,Indian economy and Global Financial crisis .whereas in 2nd part
Various Financial instruments features such as Stock Market, Mutual Funds,
Insurance products ,Loans, Deposits , Credit cards ,NSC,KVP ,Gold and ETF’s
Sanchayan Society has conducted Financial Literacy workshop in Sanskriti
School, New Delhi .Topics covered: Global economic crisis, Banking for
Beginners, Shares and Markets, Cards, etc.
Sanchayan Financial Empowerment Program for underprivileged Youth and
Adults:
31. The targeted groups under this program are Youth, Men and Women from
privileged and underprivileged backgrounds.
1)Financial Literacy Awareness
2)Financial Inclusion and Action
Access
3)Financial Empowerment Sustainability
Ripple effect
Financial Literacy for rag pickers @ SSP, Ghaziabad in partnership with
Chintan ngo — at Indirapuram Ghaziabad.
32. Financial literacy workshop for underprivileged.
Youth are the future of our country and helping them to build their own future
is the least we can do. Financial education for the privileged as well as
disadvantaged youth so that they can learn about money management and
grow to become prudent adults, responsible with their family finances.
33. Sanchayan Rural financial Literacy Program:
Men have been the traditional decision makers with regard to money .Will
this ever change? Maybe………
Women are being recognized as capable individuals who care for their
families and who can manage their households better. In recent years
women are take up income generation activities and take the lead in all
family matters be it better schooling for children, increased awareness of
hygiene and sanitation ,cleaner and safe drinking water.
Sanchayan’s Rural Financial Literacy Programme strengthens women’s role
in making decisions that impact the lives of their children’s and their futures.
34. Other Programs and Initiatives:
a) Information camp for corporates :
Sanchayan has successfully organized Information camp for Genpact’s Blue
collar employees at shashtri nagar, Delhi to create awareness about
financial literacy and provide services to support staff.
Information Sharing Camp for Genpact employees at Shashtri Nagar office,
Delhi
b) Mutual Fund Funded initiative for urban poor women’s in Delhi:
Sanchayan Society has concluded series of 10 workshops for the urban poor
women in Delhi/NCR reaching out to more than directly 500 poor women. All
35. financial topics like savings, banking, pensions, insurance, investments, etc
were covered which was funded by DSP BlackRock Mutual Fund.
Delhi, Friday, March 08, 2013: DSP BlackRock Investment Managers Pvt Ltd,
one of the premier asset management companies in India, has partnered with
“Sanchayan Society” to organize a series of financial literacy workshops to
address financial needs of women in the lower income segment in the Delhi-
NCR region.
A series of 10 financial literacy workshops have been organized in
economically weaker sections in the Delhi -NCR region including Ghazipur
Dairy, Ghazipur Village, Sikandarpur Village and Mandigaon Village between
January 17th to March 8th 2013. The objective of conducting these
workshops is to educate women from the underprivileged sections of the
society and impress upon them the importance of understanding basic
financial terminologies, which are critical to the functioning of their day to
day lives. Over 500 women from the lower income sections of the society
were introduced to the benefits of financial planning & management and also
the importance of investing and budgeting. Daily wage earners from slum
areas were invited to the workshop and they were familiarized with financial
concepts while being introduced to the world of financial planning.
Information and concepts like basic information on the benefits of holding a
savings bank account, life and general insurance, pan card, Aadhar Card,
Fixed deposits, Postal Schemes, difference between a cheque and a demand
draft, usage of ATM machine, Pension products, among others were shared
with the participants during these workshops.
36. Sanchayan Society has concluded series of 10 workshops which funded by
DSP BlackRock Mutual Fund.
c) Information Sharing Session at Tech Mahindra office:
As a part of other initiative Sanchayan has conducted Information sharing
session at Tech Mahindra office, Noida to increase the awareness of
financial education in corporate employees.
37. Information sharing session at Tech Mahindra Ltd.sector 60, Noida
d) Investor Awareness Program with SEBI at Management Institute:
Sanchayan work towards financial literacy recognized by Securities And
Exchange Board Of India ( SEBI).SEBI recognized Sanchayan is an Investor
Association during the financial year 2011-2012.Sanchayan now India’s
Youngest Investor association!!.Sanchayannow works with SEBI to conduct
joint financial literacy and Investor awareness program across the country
which benefits thousands of youths and adults from all strata of the society
.Sanchayan are indeed humbled and proud at the same time to be working
with such and esteemed organization like SEBI.
39. Investor Awareness Program by Sanchayan in association with BSE, for the
young nurses and faculty of Rajkumari Amrit Kaur College of Nursing.
e) Youthreach Rural Women's Financial Literacy Program:
Sanchayan has conducted” YouthreachRural Womens Financial Literacy
Program” covering day to day financial management concepts like savings,
budgeting, banking, investing, chit funds, direct marketing companies, Loans
and interest calculations, etc. FINANCIAL LITERACY - Empowering women to
take informed financial decisions every time, each time.
40. Youth reach Rural Women's Financial Literacy Program
f)Financial Literacy for NGO Prayas :
Sanchayan has conducted one of the separate financial literacy workshop for
youth undergoing vocational training at NGO Prayas (New Delhi )
41. Sanchayan conducts financial literacy for NGO Prayas (New Delhi)
SANCHAYAN TIE-UPS:
Over the last year Sanchayan have strived to build long-term relations with
their partners with the result that now they are seeing repeat orders for
Sanchayan programs from their partners. Sanchayan has worked with youth
from the following schools, colleges and NGOs:
School Tie-ups:
· Sanskriti School
· Bhartiya Vidya Bhavan
· G. D. Goenka Public School
· The Banyan Tree School, Lodhi Road
· The Pinnacle School
· Fr. Agnel School
· Seth Anandram Jaipuria School
42. · Summer Fields School
· Government Girls School
· Laxman Public School
· Rajkiya Pratibha Vikas Vidyalaya
and many more schools….
NGO/Non-formal Institution tie-ups:
· Institution for the Blind, Amar Colony
· Smile Foundation of India
· Rasta (NGO), Patparganj
· Salaam Balaak Trust – DMRC Arman Children’s Home, Tis Hazari
· Salaam Balak Trust – Arushi Girls Home, Gurgaon
· Ability Unlimited (NGO)
· Society STADD led World Bank Project
Sanchayan’s Revenue Model:aishid
thThe core team of Sanchayan believes in the social enterprise model
wherein Sanchayan charges nominal fees from the privileged segment for its
programs and uses the funds generated to create financial awareness among
the disadvantaged section. This is the rationale for referring to Sanchayan as
a social venture rather than as a nonprofit organization.
44. Since inception in 2009, Sanchayan has charged the private school students
for financial literacy workshops and has used the funds for conducting free
workshops for the disadvantaged young adults. This model has not yet
been extensively tested and it is a difficult task making the private
schools/students to pay for the workshops. Many well-off schools back out
when it comes to money. As a policy, Sanchayan does not charge the
Participating NGOs/Non-formal institutions for taking part in the financial
literacy programs, but is open to support from these institutions in terms of
joint implementationand sharing of program costs.
Sanchayan in News:
Money is not child's play
Veenu Sandhu November 13, 2010 Last Updated at 00:38 IST
How to get children to understand the value of money?
At a workshop conducted recently in a leading school in Delhi, students aged
5 to 18 were asked how many of them their own mobile phones had. Almost
90 percent of the hands shot up.
“The remaining 10 percent would also have raised their hands had their
teachers not been in the room,” says Chidambara Sagar, co-founder
of Sanchayan Society which organized the workshop, one of the many it
holds on financial for young adults. This school was no exception. The
response of students from well-to-do families is similar at practically every
school.
For the growing population of ‘privileged young adults’ in the 12 to 18 age
bracket, it seems, money isn’t something that has to be earned, spent with
prudence and, even less, saved for a rainy day. It’s not talked about at home
or perceived as an issue that deserves thought. The result, Most teenagers
find it hard to grasp the value of money or the importance of using it
responsibly.
(Source: Business Standard)
45. STATUTORY INFORMATION
A. OFFICE ADDRESS: 16, Vikram Vihar Extn., Second Floor, Lajpat Nagar –
Part 4, New Delhi-110024
B. WEBSITE: www.SanchayanSociety.org
C. ESTABLISHMENT September 2009
D. TYPE OF REGISTRATION: The Societies Registration Act XXI of 1860
E. REGISTRATION DETAILS:
Certificate of Incorporation: S/66874/2009
PAN No: AAEAS7767D
Income Tax Exemption details: 12 A : DIT (E)/12A/2010-2011/S-6282/1538
80 G : DIT (E)/2010-2011/S-6282/1903
F. CONTACT DETAILS:
Contact Person: Chidambara Sagar
Mobile No.: +91 – 98105 – 72277
Email: Chidambara@SanchayanSociety.org
Contact Address: H-9, Akash Bharti Apartments, Plot No. 24, I.P.Extension, New
Delhi-110092
Government Programs:
• RBI –
The Reserve Bank of India is quite active in the field of financial literacy in
India. RBI has designed comics on money and banking which can be
downloaded for free on the website www.rbi.org.in/FinancialEducation. RBI’s
main focus remains on financial inclusion and financial literacy is one of the
areas which it is trying to spread awareness about. RBI has directed that
public and private banks take up the cause of financial inclusion
aggressively while not giving the same attention towards financial literacy.
Therefore much needs to be achieved by RBI in terms of making financial
literacy and education a mass movement in India.
• SEBI –
46. Many investor associations focused on the stock markets are registered with
SEBI. SEBI undertakes investor awareness programs through its department
of National Institute of Securities Markets (NISM). www.nism.ac.in
• MCA (IEPF) –
The Ministry of CorporateAffairs is spreading financial and investor
awareness through the Investor Education and Protection Fund. The focus of
MCA is however more geared towards adult programs primarily comprising of
investor awareness camps. www.iepf.gov.in
• ICAI, ICSI, ICWAI –
These organizations have their own financial literacy and investor
awareness programs and also get support from the MCA and other
government departments for spreading financial literacy. These institutions
are focused on creating investor awareness among the middle income
segment and their own member communities, rather than programs for the
general public.
• Stock Exchanges–
NSE, BSE, MCX, and others also have programs on investor awareness and
regularly release articles and propaganda related to financial literacy. These
organizations are not really focused on financial literacy but on increasing
the public participation in the stock markets.
STUDY ABOUT FEW OTHER NGOs:
There are very few numbers of NGOs and government department working
for such kind of special cause . Such NGOs help them to meet their basic
financial needs and requirements.
Moneylife Foundation:
47. Moneylife Foundation, launched on 6th February 2010, is a non-profit
organization registered with the Charity Commissioner of Mumbai. The
Foundation is engaged in spreading financial literacy, consumer awareness
and advocacy and works towards safe and fair market practices through
workshops, round table meetings, white papers, research, awareness
campaigns, grievance redressal, counseling, etc.
Sucheta Dalal, who was awarded a Padma Shri in 2006 and Debashis Basu,
(both award-winning journalists with three decades of experience), set up
the Foundation in February 2010. So far, the Foundation has over 36,000
members and has conducted over 250 workshops and seminars.
Moneylife Foundation is a Supporter Member of Consumers International,
Development Partner of Advocates for International Development and a
Member of OECD’s International Network o Financial Education. Moneylife
also received the 10th M.R. Pai Memorial Award in September 2014 for
outstanding work.
Moneylife Foundation is one of the fastest growing non-governmental
organizations in India and one of the foremost organizations involved in
spreading financial literacy in India. Apart from advocacy and spreading
financial literacy, it also provides the following programs:
Free membership to Moneylife Foundation
Automatic basic membership of Moneylife Smart Savers Network
(MSSN)
Free access to seminars and workshops on financial literacy
Free access to Railway Helpline for railway victims
Free access to Disha Consulting for financial- and debt-related issues
Invitations to attend round-table discussions
Access to free reading room of Moneylife Knowledge Center
49. Swadhaar FinAccess (SFA) is not for profit organization (Est. 2005) based in
Mumbai, India aiming for financial inclusion through the imparting of financial
education and the facilitation of access to financial services to the urban
low-income communities, predominantly through women.
The term Swadhaar means self-support and reflects SFA’s objective of
“helping its clients improve their financial circumstances—to achieve self-
reliance, to increase their income generating potential and to ensure that
they are able to meet their daily consumption needs.” Reducing the
vulnerability of the urban poor to usurious moneylenders, increasing their
income-generating & saving capacity and bringing their knowledge up to a
‘bankable’ stage are the areas that SFA works on. Once the women reach
that stage, SFA helps them open ‘no-frills accounts’ with banks like Citibank,
State Bank, Syndicate Bank, etc. So far, 643 such accounts have been
opened for the ‘graduates’ of SFA’s training programs.
The tool used by SFA is financial education. Preeti ( Founder) says, “It
ensures that women not only gain credit, but also the ability to spend it
wisely. Working with the slum communities in Mumbai, we have learnt that
indebtedness is not only caused by lack of money but also by lack of
knowledge. Women need familiarity with financial concepts, new attitudes
about savings, and better skills in money management.”
SFA’s financial education program also serves the networking purpose—
absolutely essential in extension learning. Training programs help build
solidarity, give them an opportunity to interact and, through a process of
collective learning, find solutions to their problems. Preeti says that they
choose one working woman per family and the target age group is 25-50
years. So far, all the learners are married women with children—this profile
helps spread financial literacy to extended families and the community as
well.
Preeti’s forte is designing and developing communication strategy. Each
learner is given a diary called ‘paise ki baat—paise kaise bachayen, kaise
badhayen…’ (‘money matters—how to save money and multiply it…’). The
diary has simple entries for home budgeting. SFA’s trained staff evaluate the
50. learners on their home budgeting and account-keepingtasks that are set out
in the diary. Until March 2010, around 1,500 women had completed the
course offered through some 80 training programs.
According to an external impact study conducted in 2009, the retention of
attendance was as high as 86%. There is no formal examination but a
certificate is issued and an identity card is given to enable the women to
open a bank account. SFA has its outreach offices at four locations in
Mumbai namely Kherwadi, Chembur, Malad and Andheri.
SFA now depends mainly on donations and volunteers; it has tax-exemption
under Section 80-G..
51. Mann Deshi Foundation:
The Mann Deshi Foundation serves as the NGO arm of Mann Deshi Mahila
Group. Established in 1994, the Foundation works with the Mann Deshi Bank
by providing a variety of non-financial services to their clients aimed at
improving the quality of life for rural women and their families in India.
Basic Financial Literacy program:
Mann Deshi Mahila Bank Ltd. has made a special effort to bring illiterate
women into the formal sector through bank linkage. Mann Deshi has
developed a comprehensive program tailored to the needs of the women in
rural Maharashtra. The course has been prepared in Marathi and is translated
and distributed in all areas of the Business School’s operation.
“Mann Deshi Business School for Rural Women”(MDBS) is a new program of
the Mann Deshi Foundation that provides training in technical, financial and
marketing skills to women with no formal education and to girls who have
dropped out of high school, allowing them to start and improve their own
small enterprises. The Mann Deshi Business School for Rural Women helps to
make microfinance available to all women by providing not just business
capital but also skills, knowledge and motivation. With the support of Mann
Deshi Mahila Ltd. Bank, the business school guarantees suitable loan options
to its graduates for seed capital to start micro-enterprises. Most courses are
offered in a classroom setting located in Vaduj, which opened in December
2006, although some classes are also offered in Mhaswad and in smaller
villages through the Mobile Business School. A business school was set up in
Satara in September 2010 and in Hubli in May 2010. The courses are
designed to provide the skills needed to start and run a successful enterprise
in the local market. The levels of the courses range from basic to advanced,
to meet the varied needs and skill levels of women. Courses last between
two and eight weeks and are offered on at least a two-year rotation, ensuring
that the market will be able to absorb new graduates.
A bus has been redesigned/ converted to operate as a mobile classroom
which travels from village to village within Maharashtra and Karnataka.
Material:
52. In the Basic Financial Literacy (BFL) program conducted by the Mann Deshi
Mahila Bank, pictures are used more so that semi-literate and illiterate
women can also understand it easily. The pedagogy followed by the MBDS is
suitable to the target segment.
As on June, 2011, there are 39,970 Women’s Business School graduates. Of
these graduates, 60% have started their own businesses. Over 14,452
women have graduated from the Mobile Business School.
The BFL( Basic Financial Literacy )project received funding from Association
for India’s Development (AID) Inc., Portland chapter. HSBC is the founding
sponsor for the Business School for Rural Women. The British Asian Trust
supports Mann Deshi Business School for Rural Women
Mann Deshi Foundation Financial Literacy Workshop reaches low-income
women and prepares them to take financial risk.
.What type of donations can Donar make?
53. We often heard… “I am not sure whether my money will reach the
beneficiary”. To simplify, the different ways in which NGOs use donations to
further their work with the communities they serve. The next time you make
a donation, you’ll know where your money is going!
Corpus Donations:
Probably the least common, but among the most fiscally prudent options you
could fund. A donor has to direct the NGO (Trust, Foundation, Society,
Section 8 Company) that his/her donation is towards the entity’s corpus. The
NGO is not allowed to use the money for operating expenses. The corpus is
liquidated only in case the organisation is shutting down.
Ideal for: Long-term donors. A donation to the corpus is an investment in an
NGO’s future. If you like an NGO and feel they are doing good work, consider
a corpus donation. It helps the NGO to sustain itself financially. Many NGOs
with large corpuses use the interest earned by investing the corpus funds to
finance programmes. Dependence on donors reduces considerably and the
NGOs can run their projects without an interruption.
Donations for purchase of Capital Assets:
When you choose to purchase equipment like a computer, a car, an
ambulance or medical equipment. Corporate donors tend to fund capital
assets as they feel comfortable seeing a tangible asset being created.
Ideal for: Corporate donors, family foundations, institutional donors. It
provides a win-win to NGOs and to donors. Many bigger donors are
uncomfortable making large donations for programme expenses and prefer to
purchase assets that have a long life and are used when implementing a
programme.
Donations for Programme Expenses:
This is the most common form of donation requests. An NGO requests a
specific amount (often small-ticket) to support a programme that directly
impacts one or more beneficiaries. You may have seen NGOs asking for
Rs500 to provide feed a child or Rs1,000 for a scholarship.
The amount may represent a bundled cost in delivering the service. Example:
an NGO requesting funds for ‘treatment of a child’ could use the amount
towards paying the doctor’s fees, purchasing medicines, the NGO’s costs to
bring the child to the hospital or any other activity related to that
54. programme. Your donation could function as gap-funding for the amount the
NGO lacks, or it may even sponsor the entire expense.
Ideal for: Anyone looking to make an immediate impact. Funding
requirements here are often urgent, and a lack of funding means that that
beneficiary could be left out of a programme. It’s a great way to prop up an
organisation’s work.
Donations for specific resource requirements:
NGOs also turn to donors to help them source the materials they need to
provide services to their beneficiaries. This could include buying rice for mid-
day meals, medicines for patients under treatment or books for students
from underprivileged backgrounds. They could put up the cost of the item
itself, and donors can give in multiples of that amount. This does not cover
the NGO’s own operational expenses in bringing that service to the people
who need it.
Ideal for: Anyone who has an affinity for a cause. If you like animals, and
feeding animals is particularly close to your heart, buying dog food or pet
food will make you feel most connected to the cause.
There you have it! When you look at an NGO request next, you will know
what kind of donation they are asking for. It also shows you how far a few
hundred rupees that we take for granted in our lives can go in helping
someone in need.
There are four ways of giving – physically by working, socially by being
responsible (example: conserve water), emotionally through moral support
and financially through donations. When a donor engages solely in financial
giving, his ego may come into play. The donor tends to talk about his
donation, tries to establish a level of one-upmanship with his peers, resulting
in insecurity and comparison. The recipient retains his benefit though.
Another way to create greater discipline is to link giving to special days like
birthdays, anniversaries and festive occasions. You could make a start by
ensuring that you donate the equivalent of the amount you spend on yourself.
During Diwali, for example, you could total the amount you spend on sweets,
crackers, new clothes and gifts and give an equal amount to an NGO.
How do you choose a good NGO to support?
55. You need to look at the balance sheet as well as understand the nature of
work being done by the NGO. You could look at the financial analysis that
HelpYourNGO presents on NGOs or any other NGO link.
Recommendation:
Scale, scope and sustainability of Financial Literacy projects are highly fund
dependent. Sanchayan follows a co-contributory model to ease scaling up
and improve involvement of the trainees. The NGO tried a paid model for
Financial Education workshops at schools and colleges but the model has
not been successful so far. The NGO is looking out for funders to scale-up
their projects to newer areas. Apart from that I would like to recommend that
as “Sanchayan” is engaged in social activities in Delhi and Haryana but they
will start their initiatives and programs in other cities also. With help of new
technologies and new ideas.
For the purpose of the study data has been collected various sources and
mainly secondary data has examined for preparation of conclusions, findings
and recommendations.The design of research study is exploratory. Data is
collected from various sources such as open source websites, journals,
Newspapers etc. different finance websites are also being studied to collect
the required data.
Research Document
Journal of Finance, Accounting and Management (July 2014)
Bibliography
https://www.personalfn.com
https://www.rbi.org.in
http://www.indiapost.gov.in
www.sanchayansociety.org
http://www.global1.youth-leader.org
