"The number one problem in today's generation and economy is the lack of financial literacy." - Alan Greenspan
(Alan Greenspan is an American economist, who served as Chairman of the Federal Reserve of the United States from 1987 to 2006.)
The Diksha Financial Literacy Programme is Parinaam's largest programme in terms of reach and is designed to give low income families the knowledge and tools they need to save safely, reduce financial risk and make informed, intelligent financial decisions.
Diksha is a five week, five- module in - depth training and linkages program that empowers women to make well informed financial decisions. It also enables them to have access to the wide range of financial products and services that are available in the market.
The program teaches women cash-flow, income and expenditure budgeting, savings options, and debt management. Women are taught to differentiate between "needs” and "wants", to negotiate their debt, understand the mechanics of loans/EMI components, and the use of bank account facilities such as ATMs, SMS alerts and cheque books.
As part of the program, we have also integrated a savings initiative where we help our beneficiaries open savings accounts. This helps our beneficiaries to inculcate the habit of saving and to manage their savings better.
Since its inception, Diksha has covered over 4, 00,000 economically low income women. The programme is run across 20 states and UTs is taught in 12 different languages.
Savings programme for children (Chiller bank programme)
Keeping in mind the need to educate children about the importance of saving, a savings programme for children known as the “chiller bank” programme was initiated in 2015.
The programme was initiated following an RBI guideline that encourages children to open and operate savings bank accounts independently, and is targeted at children between the ages of 10 to 17 years. The key objective is to inculcate the habit of saving among children, teach them how to handle money and enable them to become financially empowered citizens in the future.
Through this initiative, savings bank accounts are opened for the children and they are also provided with a savings box in order to promote the habit of savings. We hope that someday our children will be able to pay for their education themselves.