money4you: IBA, ICC, MasterCard launch financial education initiative

IBA, ICC, MasterCard launch financial education initiative

Indian Banks’ Association (IBA) Chief Executive, Mr. H.N Sinor, today unveiled India’s first of its kind web-based consumer education initiative – Financial Know-How – at a special function held in Mumbai. Launched under the aegis of Indian Banks’ Association (IBA) and the India Cards Council and developed in association with MasterCard Worldwide, the website, www.money4you.in, marks the launch of an on-going financial education programme. The initiative is fully supportive of the guidelines issued by the Reserve Bank of India (RBI) for the banking industry in its stated vision for 2006-07 and seeks to provide the tools for greater financial inclusion to Indian consumers and particularly to the close to 30,00,000 graduating young adults ready to join the workforce each year who may need assistance with managing their incomes and spending.

The main objective of the financial know-how initiative is to empower the average person with financial information and guidance to make informed decisions. The content of the website,’www.money4you.in’, offers comprehensive personal finance information, including tips on how to manage money and balance spending with saving. It features easy financial tools, budget calculators and an interactive section with on-line virtual financial wizard, Mr. Mani.

Commenting on the initiative, Mr. Sinor, Chief Executive, IBA said, “As a responsible industry association, we have always worked towards creating greater consumer awareness about financial products, bridging information gaps between banks and consumers, wherever necessary. This initiative goes a step further – it is aimed at empowering consumers in a manner that they are best able to make informed decisions. Through our member banks, we would encourage consumers to refer to the website for advice on financial matters.”

Speaking on the occasion, Mr. Nitin Gupta, General Manager South Asia, MasterCard Worldwide, said, “We are very pleased to have worked with the IBA and the ICC in the development and launch of the country’s first consumer financial education programme. Designed to address the needs of the Indian consumer, the programme draws on the global expertise and best practices that MasterCard has developed through similar initiatives around the world. Helping to educate consumers on how to manage their finances better is fundamental for continued economic growth.”

The IBA, ICC and MasterCard Worldwide have developed a comprehensive outreach plan to further this education initiative and make financial planning information readily available to the Indian consumers. MasterCard Worldwide has active financial education programs in several countries around the world, including USA, Taiwan, Australia and China.