In The Media

Expert Interview with Sudhir Raikar on Financial Literacy in the Third World for Mint
December 03, 2014

Sudhir Raikar knows how important financial literacy is: He's head of financial literary initiatives for Financial Literacy Agenda for Mass Empowerment, or FLAME. He was kind enough to speak with us about why financial literacy is so crucial, to India and the entire world.

Why is financial literacy so important to India and Sri Lanka?
It is a well-known fact that financial inclusion is a priority action area for all South Asian countries, including India and Sri Lanka. These nations face several common hurdles emanating from cultural sensitivities, gender imbalance and the vast rural and semi-urban hinterlands that are invariably devoid of low-cost, tech-driven financial solutions. This leaves a vast majority of people with lack of convenient access to capital, credit and insurance among other things. Obviously they fall prey to the vagaries and machinations of unscrupulous providers and fly-by-night operators.

The success of financial inclusion squarely hinges on the quality of financial literacy. More than merely designing curricula in target-friendly languages, the process of spreading financial awareness calls for exploding several deep-rooted myths, especially those plaguing the markedly cut-off rural populace. Underprivileged sections still view banks and financial institutions as elitist entities offering services that they either don't need or can't afford. There is an urgent need to reinforce the fact among them that financial awareness, and access to financial solutions, is a life-changing tool in their hands, not merely a state directive.

What are some of the challenges in teaching financial literacy?
To arrive at the challenge of teaching financial literacy, we need to acknowledge the fundamental difference between full inclusion and partial inclusion as derived from the sphere of education. While the former implies bringing all students, regardless of their disability, under the regular classroom curriculum, the latter extends support services to the concerned child rather than moving the child to the common service platform.

Like the service providers in education, suppliers of financial products and services have struggled to cope with the sheer depth and gravity of the inclusive challenge. The common dichotomy has always been an elementary question: whether to tailor products and services to address the special needs of target groups or to make the system dynamic and capable of addressing diverse needs through flexible one-roof mechanisms.


Launch of the 108 Mantras of Financial Success
December 22, 2012

India Infoline Limited (IIFL) recently unveiled the Hindi and Gujarati versions of its popular book on financial literacy titled 108 Mantras for Financial Success in the capital. These books are available at leading bookstores across the country. The book, which has been a bestseller in English, has been conceived and conceptualized under IIFL's FLAME (Financial Literacy Agenda for Mass Empowerment) initiative towards spreading financial literacy amongst masses. It has been published and distributed by Times Group Books for IIFL and is expected to be available in multiple languages. The book is priced at 125 and is also available online.

A special event was organised at Reliance TimeOut Store, Ambience Mall, Gurgaon, and the book was launched by Amar Ambani, head of research, IIFL and Anil Mascarenhas, editor, IIFL. In his message on the launch of the Hindi and Gujarati versions of the book, Nirmal Jain, chairman, India Infoline Group, said, "The government and the regulators are stepping up efforts to increase financial literacy. Our objective is to light a flame, which will remove the darkness of financial illiteracy and steer the inclusion of masses in country's financial growth and prosperity. While the government's emphasis on financial inclusion is to widen the reach of banking services to unbanked rural areas, we endeavour to complement the effort by helping people make the most of the available banking and financial services."

Mantras for financial success
October 06, 2012

India Infoline Limited’s (IIFL’s) book on financial literacy titled 108 Mantras for Financial Success is specially conceived and conceptualised under IIFL’s FLAME (Financial Literacy Agenda for Mass Empowerment) initiative towards spreading financial literacy amongst masses. A special event was organised last week where the book was launched by Nirmal Jain (Chairman, IIFL) and R. Venkataraman (Managing Director, IIFL). 

“This book is easy to understand and is elucidated with comic illustrations. They cover nearly all key aspects of financial dealings of an individual. Incidentally, the number of 108 has mythological significance. Many people have limited understanding of how to use financial products to help enhancement of financial security, building up wealth and ensuring a comfortable life post retirement, and how to avoid frauds and losses from unscrupulous agents and schemes,” said Nirmal Jain.

Is your child financial savvy?
Apr 12, 2012

Amar Ambani, Head of Research at IIFL says, “As of now we have 5,000 students on board. We cover topics like history and introduction of money, difference in regular and irregular income, identifying fake notes/coins, use of plastic cards and so on.”…

Teaching children to manage money
Apr 12, 2012

India Infoline limited (IIFL) has designed and launched courses to give students a peek into money matters. The IIFL, under its programme called FLAME (Financial Literacy Agenda for Mass Empowerment), has launched a Financial Literacy Certification Course called FIN-LITES for the students of Classes VIII, IX and X across the country.
This course helps in laying the foundation for a sound financial future and prepare students to face financial problems better as adults. Amar Ambani, Head of Research, IIFL says: “The current academic syllabus is very scholastic with little focus on money management...

Penny Wise
Apr 12, 2012

In a booming economy such as India’s it is imperative for its citizens to be financially adept. Keeping this idea as their driving motto, India Infoline (IIFL) kick started their financial literacy campaign dubbed as Financial Literacy Agenda for Mass Em


India Infoline launches financial literacy programme
Apr 12, 2012

Brokerage firm India Infoline (IIFL) on Friday said it has launched a financial education and awareness initiative called FLAME (Financial Literacy Agenda for Mass Empowerment), with an aim to improve financial literacy across over 1,000 cities in India.

IIFL launches financial literacy programme
Apr 12, 2012

The company's programme will comprise a mass media campaign, an online portal, a helpline, ground level financial awareness workshops, connecting with students at B-schools, books and training via expert sessions on financial literacy, the statement added.

IIFL launches financial awareness programme
Apr 12, 2012

IIFL (India Infoline) Group has launched a financial education and awareness initiative, FLAME — Financial Literacy Agenda for Mass Empowerment. FLAME is a year-long programme initiated by the company with an investment outlay of Rs 25 crore and will consist of various workshops and other activities. A typical workshop would include 75-100 investors, which would be a platform for investors to bring to the financial queries and concerns. FLAME is IIFL's endeavour to reach out to as many people as possible and address their queries and concerns in financial services, said a statement from the company.

India Infoline launches Financial Literacy Drive
Apr 12, 2012

IIFL (India Infoline) Group, one of the largest homegrown integrated financial services provider, as a part of its Corporate Social Responsibility initiative, last week announced the launch of the it's comprehensive financial education and awareness initiative, FLAME – Financial Literacy Agenda for Mass Empowerment.

FLAME was launched by Dr K C Chakrabarty
Apr 12, 2012

FLAME was launched by Dr K C Chakrabarty, the Deputy Governor, Reserve Bank of India (RBI) and Mr Deepak S Parekh, Non- Executive Chairman, HDFC at a function attended by the leading luminaries from the financial service space.

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