Empowering society through Financial Literacy.
Abhyutthana School of Financial Inclusion, Research and Education (ASFIRE): Bhubaneswar
ASFIRE was launched on 24 July 2017 in a special function held in Jayadev Bhavan, Bhubaneswar. The institute was inaugurated by Dr Aurobindo Behera, IAS (Retd) and Shri A.P. Hota, Firmer Managing Director and CEO, National Payment Corporation of India .
Abhyutthana Financial Learning centre LLP, and Abhyutthana Foundation Charitable Trust.
( Abhyutthana group).
HIG 210, Kanan Vihar Phase I
Bhubaneswar 751 031
Dasarathi Mishra, Managing Partner, AFLC
Empowering society through knowledge and skill in financial literacy and thereby furthering financial inclusion and incidence of poverty.
ASPIRE shall empower society with particular emphasis on youth through creating financial awareness, imparting financial education .
ASPIRE shall disseminate financial digital literacy to young adults, senior citizens, women by conducting special workshops, camps and town hall meetings.
Objectives and strategy
- To create awareness and educate individuals, on access to financial services, availability of various types of financial products .
- To inculcate saving habit among public. The public must be guided that their hard earned income is invested safely, securely with regulated entities.
- To empower youth, women, senior citizens through creating financial / depositors awareness, financial/depositors education helping them enhance their financial capability and maintain a financial stability.
- To work for upliftment of rural/urban poor through sensitizing the poor and neglected sections of society through awareness program on Financial Inclusion at Gram Panchayat Level.
- To create awareness of the citizens on Insurance, Pension products and capital market instruments, risks associated thereto and to guide them to enhance their earning capacity.
- To conduct financial literacy workshops for members of SHGs and at RSETIs.
- To empower transgender to be financially included, by disseminating knowledge and skill on financial literacy.
- To impart the citizens the knowledge and skill on Digital Financial Literacy, so that they can undertake digital banking
- To create awareness among the people about the Grievance Redressal system in banking, insurance and capital market arena.
- To make consumers understand their rights and responsibilities as beneficiaries of financial services.
- To establish research , training, skill development centres for furtherance of financial education/ learning in a systematic manner.
Track Record of Promoters
During the last three years AFLC has conducted 27 workshops on financial awareness and financial literacy in schools, colleges, university, business schools and covered , in aggregate, 6,729 students, teaching staff and villagers.
- AFLC organised a “Seminar on Financial Literacy and Financial Inclusion”, on 19 March 2016 in Bhubaneswar with participation of around 125 officials from banks (including senior bankers), senior government officials, SME sector, MFIs, regulators ( RBI, SEBI), other financial institution (SIDBI), academicians, and students of business schools. The Seminar was addressed by leading financial experts such as Dr Anup Pujari, IAS, Dr Deepak Mohanty, Executive Director, RBI and Shri G Padmanabhan, Chairman, Bank of India.
- The 2nd Annual Seminar on Financial Literacy and Financial Inclusion ( 2017) with focus on Digital Financial Literacy, was conducted in Bhubaneswar on 21 January 2017. The program was inaugurated by Shri H.R. Khan, Former Deputy Governor, Reserve Bank of India and was addressed by financial experts like Dr A.S Ramasastri, Director, Institute for Development and Research in Banking Technology (IDRBT) and experts from RBI and banking/ insurance
ASFIRE has an Advisory Committee with experts, experienced officials from financial sector and senior Government officers, academician.
- R Das, Former Regional Director, RBI, Hyderabad
- P. Hota, Former Managing Director and CEO, National payment Corporation of India Ltd
- Moharana, Former CGM, NABARD
- N K Sahu, Former Regional Director, RBI, Jammu
- Bhuban Mohan Patnaik, State Co-ordinator, Odisha Livelihood Mission.
- Prof H.K Pradhan, Professor of Finance and Economics, XLRI, Jamshedpur
Director: Ramanath Dash, Former Regional Director, RBI, Hyderabad
- Siladitya Chaudhuri, Former General Manager, RBI
- Ch N.C Das, Former General Manager, Indian Overseas Bank
- Dharani Dhar Mishra, Former General manager, NABARD
- C. Mishra, Former General Manager, Syndicate Bank
- K. Chakraborty, Former General Manager, Allahabad Bank
The Resource persons attached to the institute are experts in banking and finance and are endowed with vast experience. Besides the above Resource persons, a large number of experienced bank officials are available at the district levels to be associated with.
Need for an Institute
- ASFIRE will fill the institutional gap in the area of financial literacy, in the state and guide the citizens to manage their money efficiently.
- ASFIRE would guide the citizens though targeted programs to bring more and more persons within the fold of regulated financial system, so that they can reap the benefits of the present financial system.
- The DBT scheme of the Government requires that the consumers should undertake financial transactions through a bank account. The consumers are required to get acquainted with digital banking transactions. ASFIRE will impart the necessary skill through workshop/ training.
- ASFIRE will seek the logistic support of the state government to translate the lauded objective of achieving financial inclusion into reality.