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, 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.
Speaking in the occasion of launch of FLAME, Mr Deepak Parekh noted: “A precondition for financial sector deepening is the existence of a large number of financially literate households. India cannot grow at a sustained high pace without greater financial inclusion and hence a significant investment in financial literacy is no longer a policy option, but a compulsion.”
Mr. Nirmal Jain, Chairman, India Infoline Limited said: “I am very excited with this new initiative to dispel the darkness of financial illiteracy in India. We shall leverage our network of 3000 locations, 15000 employees and 1 million customers across the country to reach out to small towns as well as under-privileged sections of society as well. Besides, our cause requires efforts in large cities and with educated workers also. We have set aside a budget of Rs 25 Crores, in addition to efforts of a crack team of 500 from team IIFL. Senior people including myself and crack team will dedicate at least 120 manhours for this initiative in the next financial year.”
As a part of the FLAME initiative, IIFL has planned an elaborate set of activities –
a. Financial awareness workshops across 1000 cities in India –
As a part of this initiative, IIFL will hold financial awareness workshops at over 1,000 locations across India. These free workshops will be held across the country, including Tier II and Tier III cities.
b. A comprehensive mass media campaign –
This will be a huge campaign which will feature in the print media and will reach out to investors across the country. The idea is to convey the various concepts which are a part of the literacy drive through easy-to-grasp way e.g. Our first campaign uses cartoon illustrations which will make it far easier for people to understand the various concepts explained therein.
c. Books and publications –
Multiple publications are planned which would seek to highlight the various concepts of finance as a part of this initiative. These publications will be given out at the workshops which will be held across the country.
d. Financial awareness helpline –
IIFL will setup a helpline, in it’s own call center, where anyone can call up and get answers to their queries pertaining to financial services. This helpline will be manned by IIFL’s trained professionals who will provide a solution to such queries.
e. FLAME portal – www.flame.org.in
www.flame.org.in, is a portal dedicated to the cause of spreading financial literacy. This portal will carry all the concepts of financial literacy and awareness and will also be equipped with innovative features like ‘chat with a FLAME-bearer’ where users can direct their queries to IIFL’s financial experts for resolution.
f. Tie-ups with educations institutes-
IIFL will tie-up with educational institutes including B – Schools across the country to deliver guest lectures. The objective of this is to educate the investors of tomorrow, today.
g. Leaderspeak –
These will be financial awareness workshops where we will get industry luminaries to interact with the audience to explain the various concept of the field of finance.