The Central Board of Secondary Education (CBSE) in collaboration with National Institute of Securities Markets (NISM), Mumbai is going to conduct India’s first National Financial Literacy Test (NFLT) for schools students. This will be first national-level test to assess the level of financial literacy and basic knowledge of Economics among school goings.
The board is taking this initiative in a bid to enhance its students understanding in Economics as well as to educate them on the current fiscal scenario.
The test will be conducted across the country for students of classes VIII to X. The main objectives of this initiative are to motivate students for gaining basic financial skills and to assess their financial literacy at the national-level.
In association with the CBSE, the NISM works as a nodal agency for the implementation of the National Centre for Financial Education (NCFE).
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 to be held on 12 January 2014. A bilingual (Hindi and English) test, it will comprise 75 questions to analyzing the students’ knowledge of basic concept of finance and business.
The chairman of CBSE, Vineet Joshi said that 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.