Somaiya Social Cell was in the news recently about the work done by its FinLit vertical. People belonging to the underprivileged sections of the society need to know how to handle something the elite take it for granted: Money. They need to be taught that managing money well would help their money make more money for them. They need to be made aware of elementary notions like budgeting expenses, using baking services and making sound investments to better manage their money. Financial literacy is the first step towards financial inclusion and a better India. Somaiya Social Cell at KJ Somaiya Institute of Management Studies and Research (SIMSR) realised this and made a step towards it by starting FinLit in 2007. FinLit is the Financial Literacy initiative of Somaiya Social Cell. It has been running successfully ever since. FinLit is run by a team of ten student volunteers, who are members of Somaiya Social Cell.
FinLit has been actively targeting two communities; KJ Somaiya Vocational Training Institute (VTI) and the National Society for Equal Opportunities for the Handicapped (NASEOH). A total of 90 students undergo the course, each year. The course material has prepared by the student volunteers under the guidance of the Finance Faculty of KJ Somaiya Institute of Management Studies and Research (SIMSR). The course is delivered through innovative means like role plays, buy-sell games, comics, guest lecturers from practitioners with on-the-field experience, apart from classroom teaching.
Key members of the FinLit team belong to PGDM-Finance: Vidya Venkiteswaran, Arjun N.K. and Nidhi Jain.
Here is the article published in the Times Of India on Sep 11 2011:
Times of India Article