The Central Board of Secondary Education joined hands with National Institutes of Security Markets (NISM) Mumbai, to conduct its first national financial literacy test. The main motive behind this examination is to make students, economically aware and educate them on the current fiscal scenario.
This financial examination will be conducted on the national level. It will not only check but will also measure the level of financial literacy and basic knowledge among school students.
According to the officials, students from class VIII to X are eligible to take part in this test. This initiative is aimed at motivating the students to obtain basic financial skills and give a measure of financial literacy at the national-level. This is just a first shot taken by the CBSE, in order to make a economically and financially sound future of this country.
NISM is the nodal agency for the implementation of the National Center for Financial Education (NCFE) in association with CBSE. This innovative step will open better job prospects and will sharpen up the financial knowledge of 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 will be conducted on 12th January 2014. This bilingual (Hindi and English) test will contain 75 questions analyzing the basic concept of finance and business.
Registration for NFLT ends on Friday, CBSE chairman, Vineet Joshi says "It is important to educate next generation on economics. Fiscal knowledge plays such an important roles in our lives that crucial decisions depend on it. This test will help children to study in this direction and understand economics better."