November 29, 2013, 12:27 pm
In a bid to make its students economically more aware and educate them on the current fiscal scenario, the Central Board of Secondary Education in association with National Institute of Securities Markets (NISM), Mumbai is going to hold the National Financial Literacy Test (NFLT). This will be first national-level test to measure the level of financial literacy and basic knowledge among school students.
The test will be conducted for students from Classes VIII to X, across the country. The initiative is aimed at encouraging students to obtain basic financial skills and give a measure of financial literacy at the national-level. This test is the first step to build a nation, which not only understands the value of money but also has the right knowledge and skills required for taking responsible financial decisions.
NISM is the nodal agency for the implementation of the National Centre for Financial Education (NCFE) in association with the CBSE. It is one step towards better job prospects and improved financial knowledge among the students.
NCFE is a joint initiative of India’s financial services regulators Reserve Bank of India (RBI),Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority ( IRDA), Pension Fund Regulatory and Development Authority (PFRDA) and Forward Markets Commission (FMC).
The test is scheduled for January 12, 2014 and is a bilingual (Hindi and English) test comprising of 75 questions analyzing the basic concept of finance and business.
Registration for the NFLT ends on Friday. CBSE chairman Vineet Joshi said: It is important to educate the next generation on economics. Fiscal knowledge plays such an important role in our lives that crucial decisions depend on it. This test would help children study in this direction and understand economics better."