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National Education Day and Diwali celebrated on Maulana Abdul Kalam Azad's birth anniversary
To commemorate the birth anniversary and pay tributes to Maulana Abul Kalam Azad -the first education minister of independent India (15 August 1947 until 2 February 1958), we celebrate National Education Day on November 11, every year for enhancing the quality of education.

Education is the most important human resource development (HRD) activity for every citizen of India.  By educating, the nation will definitely succeed in Make in India, Clean India, Digital India and Skill India. It is necessary and sufficient to create awareness among people for contributing to the qualitative growth of India as knowledge economy. The inclusive growth with fair society totally depends on the citizens who must be really educated meaning thereby they should learn proper, productive and practical (3P) use of hands, head and heart (3H).

 On this occasion along with Diwali, let the people be sensitized on the ABC of banking & finance literacy which is necessary for financial inclusion in India.

To survive and sustain any economic/financial crisis in all times to come, there is a strong case for banking and financial literacy of one and all in India including literate who are otherwise half baked products.

A stands for account in a bank which can give natural death to the black money in the parallel economy of India. B should be remembered for the Bank which means trust of the populace in the financial institutions (banks) which should not be allowed to be eroded by anyone, anywhere in the world. C stands for customer who needs credit on lowest interest rate.  D must be remembered for Demand Draft which can be crossed to be deposited in the account. E- banking is capable of reducing the irresponsible behaviour of the bankers. Fixed deposits for long time calls for higher rate of interest.

G stands for guarantee which is like a girl friend if you don't like replace it to establish credibility as a good customer of a bank. H represents honesty for one and all to adopt with purpose of becoming a civic society without black money. I stands for identity of the customer as well as that of a banker while contacting the customer through email or mobile SMS is necessary to avoid cyber crimes of all kinds in banking and non-banking financial institutions in India. J represents Joint account in the name of a couple is the need of the day for women empowerment and must be encouraged for happy married life. K is the symbol of knowledge of the exchange rate of Indian currency with foreign currency with reference rate of reference currency i.e US dollar which was Pound sterling before July 1991.

L denotes loans which has encouraged consumerism in a big manner and has caused the increase in the non- performing assets (NPA) of the banks and proved to be the cause of causes for the poor performance of banking industry.

M is a symbol of money in terms of Indian rupee which is subject to depreciation (not devaluation). The use of credit card as plastic money has brought revolution in consumerism and commercialization.

N stands for name of a bank account holder. O denotes operational efficiency for opulence which calls for e banking which is easy, effective and economical in strict sense but calls for law to take care of the cyber crimes. P denotes prime landing rate ( PLR) which should be known to everyone of us.

Q is a symbol of query on the bank account with balance amount and is in your pocket as SMS on a mobile after every transaction. R stands for receipt which is a important document for solving the disputes of any kind of a fraud and is a must for justice through Consumer Protection Act 1986. S denotes security for getting loans. T is for teller in a bank. U denotes un -accounted money known as black money. V is the victory of banking for financial inclusion. W denotes  the wealth of a nation. X denotes X-Ray for knowing the inner side of the body (bank as an institution). Y is yes for adopting banking to say no to black money. Z denotes zero money accounts which can be opened now by anyone of us.

We need to learn the importance of saving and investment which calls for reducing the propensity to consume which should be confined to needs only.

Various studies and surveys show that financial education has become increasingly important all over the world. According to a global survey by credit card company Visa, the average person in the U.S. has only 2.9 months of expenses saved. Less than 50 percent have the discipline of a household budget. The U.S. is 4th globally in overall financial literacy. India was 23rd out of the 28 markets surveyed. India also ranked near the bottom when it came to talking to children about managing money.

 Educating children about financial matters will have long-term consequences. When they grow older, they will make better decisions. They will also help their parents and grandparents to make better decisions.

It would be better if the scheme of banking and financial literacy is randomly introduced in some schools and then study the true impact of the scheme on the students' ability to make better financial decisions.

There is a place under the sun for all of us to cover Indian youth who need to learn their financial ABCs. All of us should contribute to the efforts by cooperation and coordination at all levels of education.

ATMs (Automatic Teller Machines) and Internet banking do serve the customers but need banking, financial and computer literacy which is a challenge for every economy like India. Let us convert it into an opportunity to exist and excel in present economic scenario. We need accountability, transparency and morality to constitute real ATMs in every bank which means trust to be created and maintained. This justifies banking and financial literacy for everyone.

*The writer is Professor of Economics & Former Dean, Faculty of Social Sciences, Kurukshetra University, Kurukshetra.

Editorial NOTE: This article is categorized under Opinion Section. The views expressed in this article are solely those of the author and do not necessarily represent the views of In case you have a opposing view, please click here to share the same in the comments section.
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