Lok Sabha Question No. 2457 (UNSTARRED), answered on 2025-12-15
Subject: Basic Financial  Education in Schools and Colleges
Ministry: EDUCATION
Asked by: Shri P C Mohan

## GOVERNMENT OF INDIA MINISTRY OF EDUCATION DEPARTMENT OF SCHOOL EDUCATION & LITERACY

## LOK SABHA UNSTARRED QUESTION NO. 2457 ANSWERED ON 15.12.2025

## Basic Financial Education in Schools and Colleges

2457. Shri P C Mohan:

Will the Minister of EDUCATION be pleased to state:

(a)  whether  the  Government  has  taken  any  steps  to  introduce  basic  financial  education, including  topics  such  as  banking,  saving,  budgeting  and  taxation  in  school  and  college curricula in the country;

(b) if so, the details of such initiatives undertaken under the NEP 2020 or in collaboration with institutions like NCERT, CBSE, UGC or financial regulatory bodies;

(c)  whether  any  pilot  modules  or  awareness  programs  on  personal  finance  and  tax  basics have been implemented in educational institutions in Karnataka, particularly in urban centres like Bengaluru, if so, the details thereof;

(d)  the  extent  to  which  the  Government plan to  ensure that financial literacy is integrated practically  and  accessibly  for  students  across  socio-economic  backgrounds  and  education boards; and

(e) the details of roadmap and timelines, if any, for scaling up these efforts nationally and for evaluating  their  impact  on  youth  financial  awareness,  digital  financial  inclusion  and  tax compliance in the long term?

## ANSWER

## MINISTER OF STATE IN THE MINISTRY OF EDUCATION (SHRI JAYANT CHAUDHARY)

(a) to (e): As a follow-up of the National Education Policy (NEP) 2020 and the subsequent National Curriculum Framework for School Education (NCF-SE) 2023, textbook development  committees  have  been  constituted  at  the  National  Council  of  Educational Research and Training (NCERT) in different subjects for all stages of school education. The Textbook  Development  Team  in  Commerce  (TDT-Commerce) has  also  been  constituted. The syllabus prepared by the TDT-Commerce includes the contents on various components of  financial  literacy  and  taxation  at  the  secondary  stage.  The  Social  Science  textbooks 'Exploring  Society:  India  and  Beyond' for  the  middle  stage  (Grades  VI-VIII)  provide considerable  scope  to  develop  financial  literacy  among  learners.  The  curriculum  includes topics like the evolution of money, the banking system, forms of credit, money and other financial institutions such as the stock exchange, etc., to promote financial skills.

The  textbooks  of  Economics  at  the  secondary  stage  (Grades  11  and  12)  include  content relating  to  the  budgetary  process  and  various  concepts  for  understanding  the  budget.  The Central  Board  of  Secondary  Education  (CBSE)  prescribes  textbooks  developed  by  the NCERT.

Under Vocational Education component of 'Samagra Shiksha', vocational courses are offered to the students from grade IX to XII in the schools covered under the scheme, which are aligned with  the  National  Skills  Qualifications  Framework  (NSQF).  Financial  literacy  is  an  important area  covered  by  Vocational  Education.  Under  the  Banking,  Financial  Services,  and  Insurance (BFSI) sector, 4 Job Roles are approved by this Department under this component which are as follows:

- i. Microfinance Executive,
- ii. Business Correspondent/ Facilitator,
- iii. MIS Data Analyst - Financial Services,
- iv. Customer Service Associate - Financial Services

The  University  Grants  Commission  (UGC)  conducted  a  meeting  with  the  37  Sector  Skill Councils  (SSCs),  including Banking,  Financial  Services  &  Insurance  (BFSI),  where  they were informed about embedding of skilling into academia, including provision for submission of short-term skill courses in compliance with the National Credit Framework on the Study Webs of Active-Learning for Young Aspiring Minds (SWAYAM) Plus platform, which  has  been  created  specifically  for  skilling  and  employability  purposes.  Further,  the Inter-University Centre - Consortium for Educational Communication (CEC) of UGC, as a National  Coordinator  for  SWAYAM,  has  developed  and  offered  nine  courses  on  financial education for higher education through the SWAYAM platform(www.swayam.gov.in). The details of courses are as under: -

- i. Money and Financial Markets (5 Credit)
- ii. Financial Accounting (5 Credit)
- iii. Fundamentals of Banking and Insurance (2 Credit)
- iv. Law of Banking, Insurance and Consumer Protection in India (4 Credit)
- v. Banking and Insurance (4 Credit)
- vi. Financial Markets, Institutions and Financial Services (5 Credit)
- vii. Income Tax Law & Practice (5 Credit)

viii.

Income Tax (5 Credit)

ix. Indirect Tax Law (5 Credit)

As per the Govt. of Karnataka, the disciplinary knowledge of different subjects is practiced from  Grade  6  onwards.  The  State  curriculum  includes  financial  education,  banking, budgeting, taxation, planning and financial policies of the Government,  which  are incrementally  introduced  from  Grades  6  to  12,  with  separate  chapters  provided  in  Social Science  and  Mathematics.  The  State  has  also  taken  up  initiatives  in  this  regard,  in collaboration with the Reserve Bank of India (RBI). The module on life skills developed by the Department of State Educational Research and Training (DSERT), Karnataka, in 202324 also included financial literacy, and all teachers  are trained through the cascade mode. The  State  has  also  developed  Value  Education  Textbooks  for  Grades  1  to  12  with  the objective  of  nurturing  values,  social  responsibility,  constitutional  awareness,  financialdigital values and life skills among students.

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