According to Jayshree Vyas, managing trustee of ISMW, the target for next year is to reach another 5 lakh women and impart knowledge of savings, budgeting, and banking.
The Indian School for Microfinance for Women (ISMW), which is promoted by SEWA Bank, celebrated its second Financial Literacy Day on Thursday, along with Citi Centre of Financial Literacy. It also celebrated the financial success of almost 5 lakh women across India.
According to Jayshree Vyas, managing trustee of ISMW, the target for next year is to reach another 5 lakh women and impart knowledge of savings, budgeting, and banking.
"Till date, 42 Micro Finance Institutions (MFIs) have joined hands for National Alliance for Financial Literacy (NAFiL) with an aim to promote financial literacy as a movement across the nation. This will help turn poverty to prosperity. We have till date managed to reach half a million poor women," Vyas said.
She further stated that over 1650 financial trainers were instructed under the programme to provide education in finance among poor women and over 7000 programmes have been conducted so far across India.
AK Bera, regional director, Reserve Bank of India, Ahmedabad, released the first volume of a three-part financial literacy module, 'Rural Financial Counsellor Trainers Manual.'
The manual aims at training instructors on how to conduct household counselling.
Ela Bhatt, founder SEWA and chairperson of ISMW said, "when the project was started I realised that there were four things that poor women required the most -- these were capital formation at household level, wherein they are taught about asset management and how to fight vulnerability of poverty, need to build capacity in order to stand firm in a competitive market, the need for social security and building of collective strength so that poor women can actively participate in financial discussions for their own lives and also of their family members."
Bhatt asserted that it is a must that all the above mentioned needs are simultaneously accessible, in a workable and viable medium.
"It is important for women to know and understand how money can work for them and how they can handle the same," she said.
ISMW provides assistance to those women who intend to save money for their family and in a way also help in the financial growth of their family," Bhatt said.
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