Economic development of every nation depends upon financial stability that requires maximum mobilization and utilization of domestic financial resources.
According to Global survey of Standards and Poor’s Financial Services(S&P) in India nearly 76% of its adult population is unaware about the basic financial concepts.
In India financial literacy is yet to become priority. Lack of financial literacy is major hurdle in the economic development and stability of our nation.
Indians still prefer to park their money in traditional areas like real estate, gold jewellery and diamonds etc.
Financial literacy means to understand the importance of money and to know how money can work and helpful to lead towards once pleasurable life.
It also implies the use of knowledge and skills that will lead to the right financial decisions.
FORMATION OF FORUM In the academic year 2011-2012 the ‘Banker’s Club’ was set up to equip students with the knowledge and understanding of Banking and Finance leading to knowledge growth and career progress. The club undertook various activities in association with College of Agricultural Banking (CAB) Pune, Vidya Sahakari Bank Ltd, Cosmos Co-operative Bank Ltd, and Abhinav Farmer’s Club. Mr. Bipin Deokar Senior Deputy Director EPWRF Mumbai was the advisor for the club from 2011-17 In the academic year 2018-19 Future Banker’s Forum is established under the guidance of Mr. Vidyadhar Anaskar Vice-President National Federation of UCB’S and Credit Society’s New Delhi and Mr. Bipin Deokar Senior Deputy Director EPWRF Mumbai with the following objectives.. 1. Making the students aware about challenges and threats in banking industry. 2. Imparting skills and values amongst students. 3. Promoting and develop professionalism. 4. Creating a centre of excellence. 5. Ensuring financial literacy amongst school children, Self Help Groups, Farmers and villagers. The members of the form have designed the logo and gave caption for the platform-‘A step towards professional banking”
ACITIVITES OF FORUM We have designed the following activities of the forum which will be conducted every year.
1. CELEBRATION OF ‘BANKING DAY’: On every 11th Aug we will celebrate Banking Day on the remembrance of Late Sir. C.D. Deshmukh, who had taken the charge of his office as Third Governor of RBI The objective of selection of this day is to keep such kind of versatile persons in front of the youth.
2. MOCK PARLIAMENT: Mock Parliament for the second year students will be conducted as an innovative teaching methodology for the bank nationalization issue under the guidance of Politics department of our college.
3. BANK CONNECT: Bank connect program is a social activity of banking and financial literacy campaign for the school children of the age 16 to 17, self help groups and villagers. We have developed Banking Kit which is a compilation of specimen forms used for different banking transactions, DVD of banking literacy videos and financial literacy material published by Reserve Bank of India. This campaign will be conducted in association with Vidya Sahakari Bank ltd. Pune.
4. CAMPUS BANK CONNECT: In order to develop the banking and financial literacy amongst the students of our own college we will conduct PAN registration for the students who have completed the age of 18, Connecting to the bank digitally and educating and making them friendly about electronic banking, and making them literate about DEMAT account transactions by opening the DEMAT account with the compulsory investment in share and SIP.
5. HANDS ON TRAINING: In order to make the students aware about the actual banking, the last year students of Banking and Finance will be sent for the hands on training at different branches of Vidya Sahakari Bank ltd. Pune.
7. BLOG WRITING: In order to develop the writing and research skills amongst the students the registered members of the forum. The members will write on Blog about the new ideas, challenges, thoughts, and research papers in the field of banking and finance, insurance, Investments. The Blog will be opened to the Students, Teachers, Bankers, Businessmen and others who are the registered members for writing and Commenting.
6. OTHERS: The various activities will be conducted like poster competitions, workshops, Presentation, Discussions, Role Plays, Case Studies on the various issues like Senior Citizen Banking, Cyber Security in electronic banking, Stock market, Insurance, Loan Recovery practices of Banks, Risk Management etc.