Department of Commerce Bishop Moore College Mavelikara -690110

Financial Literacy Mission (filimi)    

Financial Literacy mission of the college has been providing financial education to the society ever since its inauguration in the college on 14th November 2011, by Mr. Kodikunnil Suresh M P, Mavelikara in the presence of Mavelikara MLA Mr. R Rajesh.

  The nomenclature of the Mission      

       The college, ever since its inception, used to be concerned about the problems of the society and participates in finding solutions thereof. Financial Literacy Mission (filimi) is an important addition to it, considering the problems individuals, families, society and consequently the nation encounter/face due to the faulty financial decisions caused by poor financial illiteracy. The mission is named as the Financial Literacy Mission – FILIMI as the work involves spreading financial literacy among people. The college is gradually achieving the mission Mission Educate, equip and empower all so that, regardless of the background or income level, financially informed individuals and entities are able to improve their quality of life and ensure a more stable future for themselves and their families through generations.   Vision The whole world people make informed financial decisions so that they enjoy better and secured Life.  

The Slogan of the Mission

“financial education for financial discipline and welbeing”

The Role

FILIMI envisages massive campaigning so as to ensure 100% ‘Financial- Literate’ people in Mavelikara and around and within reach of the college, initially in Mavelikara taluk and extending to Alapuzha District and Kerala State.

  Background in the Formation of the Mission

Majority of the Indians lacks financial education and hence are deprived of their financial rights and privileges. Though the State of Kerala ranks on the top literate states in India, it has not come up to such a level in the area of financial literacy. The symptoms of financial illiteracy are visible even among educated people. Financial indiscipline, unaffordable debt (consequent suicides), lack of savings, absence of saving habit, irrational and unproductive investment and consequent erosion of capital, dependence on unorganised sectors like money- lenders, failure to make use of incentives and concessions instead of paying penalties, loosing credibility, inability to discriminate between good assets and others etc. are some of them. Majority of them invest on the compulsions by intermediaries, unable to resist their insistence. They do not know how to set their saving and investment goals considering their needs and risk profile. It is purely a personal matter as differs from person to person irrespective of income level. The numerous ways to save remain unexplored before them. Ignorance in the financial area persuades them to withdraw rather than to establish their financial claims. These phenomena keep them away from the fruits of development, which are enjoyed only by a few informed. Consequently the gap widens. Economic weaknesses lead to social issues. The cycle of poor savings, lower investment, smaller income and falling standard of living becomes the rule of the day. It downsizes the nation and deters progress.

Aims and Objectives

The filimi aims at imparting financial education to students and public which is very essential for their empowerment and protection in the modern dynamic financial world. By means of continuing education on financial matters affecting the individual and the community, it is expected from the participants to:

1.      bring out a financial discipline in

.      getting equipped on how to save and invest according to their needs and peculiarities;

4.      getting empowered so that they are protected in their financial matters;

5.      enable to educate themselves about all their legitimate financial rights;

6.      enable them to evaluate and judge the features, merits and demerits of each investment.

7.      enable them to be aware of exploitations and compulsions from unscrupulous financial middlemen.

8.      enable them to make the most productive investment plans that best suit them.   The college has initiated this project realizing the importance of financial education and is in tune with the programmes of the Government of India under different avenues across the country.

  Expected Result and Benefits to the Participants

We expect the following ultimate results for the participants and the community

1.      Informed, competent, confident and Motivated savers.

2.      Informed and protected investors

3.      Less conservative investors who can take risk knowing its depth.

4.      Better and speedier mobilization of savings

.5.      More productive investment.

6.      Eliminate hoarding of savings or unproductive use of savings.

7.      Reduced social cost emerging from suicides, etc. due to loss of wealth.

8.      Free investors from the exploitation by unscrupulous intermediaries.

9.      More economic growth resulting from increased savings and investment.

10.  More competency to play in the market at par with foreign forces.

  National Importance

            Both larger savings and more efficient investment are very essential for speedier growth. There is less scope for exploitation and deception among educated investors. They voluntarily come forward with more direct investment creating additional employment and income in the society. Gradually, the standard of living improves and society gets better life comparable to international standards.

Types of Programmes-

Our financial education programmes include those:

(1)   That are sponsored by the Securities and Exchange Board of India (SEBI), RBI, NSE, BSE, Banks, and other certified and authorized partners as recognized by these entities and other wings of the Government of India,  in which case certified financial education trainer (resource person) handles the classes and

(2)   That are organized by the college in its own initiative. Cost for the Participants

ALL THE CLASSES ARE TOTALLY FREE AS THERE IS NO ENTRY OR REGISTRATION FEE.

Area of Operation

Initial operations will be confined to Alapuzha district in general and Mavelikara Taluk in particular. Once the target is achieved, the area can be enlarged.

Operational Philosophy

We intend and are committed to conduct all the classes in an impartial way. Financial education should be such that it equips every participant to take the saving-investment decision by self. So we deliberately avoid the help and assistance of any sort from any agencies like stock-brokers, insurance agents, etc for the conduct of the classes. Time frame. It is an ongoing education programme extending to all newer generations.           

  However, it is expected to cover and complete Mavelikara Taluk first. Experience there- from will be used to spread financial literacy in the rest of the district. Support from LSG  We believe that the co-operation of all local self governments will help us to reach our destination on time.

Specific helps expected from LSGs

The representatives of local self governments in their first level meeting in the college have promised to:

1.      identify and allot experts who voluntarily join hands to impart education.

2.      find and arrange venues for the contact classes of the Filimi.

3.      identify and gather various participating groups of people, like retirees, executives, students, housewives, auto drivers, kudumbasree units, etc .

Progress

We have made appreciable progress (Separate detailed report)       Co-cordinators Dr. Varughese Anie Kurien Dr. Ashish Varughese Dr. Rahul J Kuruvilla Mr. Adharsh Jacob Philip Mrs Asha Mariam Thomas Miss Neethu K Daniel Mrs. Parvathy S      

Dr. Sajeeve V P   -    CO ORDINATOR                                                 

Dr.Ranjith Mathew Abraham -PRINCIPAL