Banking for Beginners

There has been great curiosity about the Start Up India campaign at various fora - what is it all about, who are eligible, what are the benefits etc etc. For the benefit of all who wish to understand and also take advantage, I have tried to put together various facets of the scheme. The idea of a Startup India   campaign was first mooted by Prime Minister Narendra Modi in his Independence Day address to the Nation from the ramparts of historic Red Fort on 15 th August, 2015. The objective- to promote entrepreneurship which in turn shall lead to job creation , through development of a favorable eco-system with less bureaucratic intervention, ease of doing business , financial incentives and easy availability of bank finance for start-up ventures. The scheme combined with a 19 point action plan was formally launched on 16 th January 2016 by PM Narendra Modi at Vigyan Bhavan, New Delhi in the presence of Government ministers, senior bureaucrats and leading luminaries from t

In March 2016, a survey was conducted in United States by RBC Wealth Management-U.S. and City National Bank. The poser was that whether financial literacy is an important-enough skill that it should be taught alongside reading, writing and arithmetic ?  It was found that 87 percent of Americans believe that financial literacy should be taught in schools. Of those in favor of incorporating financial literacy into the classroom, 15 percent said instruction should begin as early as elementary. The rest (72 percent) said it should be taught in middle and high school. In the last 3 - 4 years, concerted attempts have been made the world over, to include financial literacy at the High School level. In India, CBSE issued guidelines in October 2015, to all its affiliated schools to expose students to financial literacy and develop their capabilities through a project called School Bank Champs.. The project envisages interaction with bank authorities, exposure to opening of own bank accou