India’s leading stock exchange, the National Stock exchange (NSE) has partnered with India Post of the Government of India, to start a financial literacy initiative at fifty post offices in the country. After starting the first initiative in Bihar at Muzaffarpur earlier this month, today, NSE launched this campaign in the prominent town of Bhagalpur. Later in the month, the initiative would also be extended to Sasaram.
At Bhagalpur, the second largest city in Bihar after Patna, the alliance between the two behemoths, NSE and India Post, involves the setting up of a large sized screen at the head post office on the MG Road. The screen will keep flashing data on NSE’s benchmark index, Nifty 50, data on stocks and other indices, advice on investing wisely as well as information on products of India Post. The screen at the head post office, near the National highway 80, was inaugurated by senior officials from NSE and India post on Monday, the 14th of January.
Bhagalpur is popularly called the Silk city of India , because of its unique silk called tussar silk, a delight for women shoppers, because it is used to weave tussar silk sarees. It is almost a household tradition to weave silk and entire clans have been involved in silk weaving for more than 200 years. The silk cottage industry has made Bhagalpur a big trading hub, because silk products are traded , through good rail connectivity to different parts of India and also exported abroad.
Bhagalpur is also known for its industrial belts like the NTPC Kahalgaon and the Barari industrial Area, which have contributed to the economic growth of this area.
Joint MD of NSE, Ms Chitra Ramkrishna said, “India Post has a very large reach, through which we aim to increase financial literacy in the tier two and tier three cities of India.
We want to focus on different cities in Bihar, to educate people to use their idle savings more effectively, by channelizing them into productive assets. This educational drive will help the people of Bhagalpur, Muzaffarpur and Sasaram to grow their savings and expand their enterprises. ‘’
The screen at the Bhagalpur post office will carry information on the do’s and don’ts of trading, for instance ‘don’t share your trading password with anyone’, it is not mandatory to give a power of attorney to your broker and so on. The screen will also convey information on products for retail investors like Gold exchange traded funds and Nifty exchange traded funds, cost effective and transparent options to invest in gold and NSE’s benchmark index, Nifty 50.
Infact first time investors , who have an annual income of 10 lakhs , can invest 50,000 and get tax benefits , by investing in permitted securities like Nifty exchange traded funds, under the new government scheme called the Rajiv Gandhi equity savings scheme.
The screen will also carry information on products of India Post, like Online money transfers, Electronic money orders, Speed post, Savings certificates, Postal life insurance and Logistics solutions for Corporates.
The alliance with India Post comes after a series of steps by NSE to increase financial literacy. NSE has a tie up with more than 90 colleges in different parts of the country, to conduct short duration courses on the capital markets called the NSE Certified Capital Market Professional or the NCCMP. In Bihar, the NCCMP courses are being taught at the Catalyst Institute of Management in Patna.
The exchange has also tied up with prominent universities for MBA and BBA (Bachelors in Business Administration)
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