Mumbai: CNBC Awaaz, a business news channel has announced the launch of India's first investor outreach initiative entitled Money Yatra, in partnershio with the National Stock Exchange (NSE), National Securities and Depositories Limited (NSDL), Reliance Money, and the Department of Posts.
The educational initiative will be be rolled out across 32 locations in India, and will organise personalised forums for educating people about the importance of financial planning. The initiative comes at a time when the Reserve Bank of India is also advocating financial literacy initiatives for the masses (See: RBI moots counselling borrowers to spread financial literacy)
C B Bhave, chairman of the Securities and Exchange Board of India (SEBI) launched the Money Yatra initiative at Mumbai.
NSE's Ravi Narayan, NSDL's Gangan Rai, and Reliance Money's CEO Sudip Bandopadhyaya were also present at the inauguration.
C B Bhave said ''With the launch of Money Yatra investor education, I would like to congratulate CNBC Awaaz for this initiative. It gives me great pleasure to be present at the launch and this effort by CNBC Awaaz should be applauded, especially as Money Yatra travels outside the metropolitans.'' He hoped that the initiative would be conducted in different languages according to the different cities visited, as in places other that the metros, the audience tends reduce by around 66 per cent, or two thirds on account of the communication divide. He asked the people conducting the initiative to create a data bank of issues learnt, which could then be analysed.
''Lastly in the Money Yatra we have to make sure one thing, that it should not be a monologue but a dialogue that can help in solving the investor's issues'', he said.
Money Yatra is designed as a one point destination for Indian citizens to get information and advice on personal financial planning directly from renowned experts to achieve their financial goals.
Vivek Law, editor for consumer affairs at CNBC TV 18 and CNBC Awaaz said that community building initiatives and interactive programming has been part of his network, and the channel has pioneered the concept of educating retail investors of India. He said Money Yatra is an endeavour to reach out to the masses and educate them about financial planning, clear their apprehensions, and empower them to make informed decisions by answering their queries. Law siad this initiative was an extension of the ''Pehla Kadam'' initiative which also tried to help first time investors manage their money in a safer and better manner.