The Postal department is creating an awareness programme to encourage kids to save money.
Story so far: India Post has partnered with Deccan Herald and Prajavani to hold awareness programmes in 10 schools on the importance of saving money. It already has a new deposit scheme called “Sukanya Samruddhi” for 10-year-old girls. By adding all its post offices into the Core Banking Services (CBS), it runs the world’s largest financial services network.
- The department has encouraged school students to open accounts to instil the habit of saving early. Those under ten can open their own accounts and deposit money given by their parents.
- They can download the mobile app for spending and manage the account themselves after they turn 18. It’ll be launched in Bengaluru and then extended to rural areas.
Why it’s necessary: Between 2011 and 2016, the percentage of women with savings accounts in developing countries remained stagnant at 9%. Studies showed that gender discrimination was lower in countries with more mobile bank accounts.