Sanjay Nirupam launches Moneylife Knowledge Centre

Moneylife Knowledge Centre set up by the Moneylife Foundation in Mumbai will supplement the efforts of regulators and providers of financial services at spreading financial literacy and redressing grievances.

Sanjay Nirupam, Member of Parliament, on Saturday inaugurated the Moneylife Knowledge Centre—a seminar-counselling-and-free reading room— set up by the Moneylife Foundation at Dadar in Mumbai, on Saturday.

Introducing the Congress MP from Mumbai, Moneylife Foundation’s Founder-Trustee Sucheta Dalal said, “Mr Nirupam is among those politicians who empathise with the need for financial literacy initiatives and has always made an effort to understand issues and take them up in Parliament. He has been especially concerned about the lack of understanding among borrowers of concepts such as floating interest rates. With teaser loans being offered by the biggest banks, these issues will come up again. At that time, investors and consumers will need a valuable voice like Mr Nirupam in the Lok Sabha.”

Speaking on the occasion, Mr Nirupam said, “I congratulate the Moneylife team for taking this wonderful initiative. I am happy that the Moneylife Knowledge Centre is being launched on my birthday. I would like to give my best wishes to Moneylife Foundation’s Knowledge Centre.

Talking about the need for financial literacy among the masses, Mr Nirupam said, “India’s middle-class population is set to reach nearly 80 crore. The entire world is eying to capture this huge market, which has highlighted the need to teach economics to the population, especially the middle-class. There is a deluge of schemes in the market that lure investors into buying them. That is why it is important that the masses are educated about various financial and economic aspects.”

Earlier, Debashis Basu, Founder-Trustee of Moneylife Foundation, said, "The need for Moneylife Foundation and the Moneylife Knowledge Centre arises from the stark reality that the ordinary person with money to spare is staying away from capital markets and is also wary about mutual funds. This is evident from very poor subscriptions to Initial Public Offerings (IPOs) and also mutual funds, which is in sharp contrast to the vaulting stock indices, frequent public issues of equity and extensive media coverage of investments. There is also very poor knowledge about basic financial products such as credit and debt cards, insurance, mortgage or housing loans etc, and the precautions required while using electronic transaction systems.”

The Moneylife Knowledge Centre will supplement the efforts of regulators and providers of financial services at spreading financial literacy and redressing grievances. The Centre would aim at creating deeper interest in financial markets, increase financial literacy and protect investors and consumers through information, counselling and grievance redressal.

The Moneylife Knowledge Centre is stocked with a range of books, magazines and financial literature—starting from the basic comic books produced by the Reserve Bank of India (and contributed to ML Foundation)—to reference books for students and market experts. There is also a range of corporate biographies and books on business, economics and finance. Members of the public can access the reading room free of charge.

Moneylife Foundation is registered as a not-for-profit trust and intends to engage in spreading financial literacy through workshops, round-table meetings and awareness campaigns; advocacy to crystallise policy and bring about regulatory changes to protect investor rights and grievance redressal, counselling and research. The Foundation is offering free inaugural membership. Those who wish to become members can contact 022-24441060 or visit www.moneylife.in/foundation.

While the initial focus of the Moneylife Foundation will be on Mumbai, it has plans to extend its reach to other cities where investors are deprived of opportunities to access unbiased information about financial products and are unaware of the cares to be exercised while borrowing or investing.

Moneylife Foundation is also looking for experts who are willing to volunteer their time (for a small honorarium) to conduct workshops and to translate this effort into regional languages.

For more information contact:
Moneylife Foundation: Deepa: 022-24441059-60
Or write to [email protected]
Address: Moneylife Foundation, 304-05, Hind Services Industries Premises Limited,Off Veer Savarkar Marg, Shivaji Park Seaface,
Dadar (W), Mumbai 400 028 (near Chaitya Bhumi)

Pictures of the event
 

  • Like this story? Get our top stories by email.

    User 

    COMMENTS

    Vijay Mulgund

    1 decade ago

    Sir
    When such Knowlede centre being started in Pune.The workshop in Pune is not sufficient.The workshop In August was educative no doubt.
    Mulgund

    mahesh patel

    1 decade ago

    I am willing to volunteer my time (for a small honorarium) to conduct workshops and to translate this effort into our regional language GUJARATI, HINDI. i have sound knowledge of any product like mf,ulip,insurance product any, gold,gold etf , stock market, fd,bond, post scheme...all.

    nirmal kamat

    1 decade ago

    my husband Rajiv Kamat has a lot of interest in stock markets.presently he keeps himself busy in it by being a prudent investor and also keenly watching its daily trends. he worked as a divisional manager at a public sector general insurance co.upto 2004.then opted for VRS.this gives him ample time to concentrate on the stock markets.i would like him to be a volunteer with your foundation,hence would like to know the formalities & the duties involved

    salunke manohar

    1 decade ago

    excellent effort to improve our counrty economy

    Mr. Prakash P. Joshi.

    1 decade ago

    Hello,
    I am a subscriber of "Money Life" magazine (No.1927). I want to know whether there is any "Stock Screener" available which enables the investors to scan listed stocks on BSE/NSE with multiple parameters?. I came to know that there exists one [excellent-with fundamental analysis] with M/S Accord Infotech, Mumbai. Ref:- http://www.accordinfotech.com
    with there 'ACE-EQUITY' package but it is very expensive. Is there something else inexpensive but very useful & effective?
    Thanks!

    Prakash P. Joshi
    VileParle (East), Mumbai-400057.
    +919920334762

    Anand Kothari

    1 decade ago

    Very Good Platform for finance literacy. We come across lot many people in daily life who are completely fumbling in this subject despite being master in their respective field, Long live ML Foundation

    vijay menon

    1 decade ago

    The Moneylife Foundtion is a valuable and welcome extension of Moneylife's commendable service to the investing public. I hope it will also compile a list of reliable financial consultants whose services can be availed of by middle income investors.

    I wish Monelife's new initiative all success.

    Vijay Menon

    vijay

    1 decade ago

    gret

    We are listening!

    Solve the equation and enter in the Captcha field.
      Loading...
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email

    BUY NOW

    online financial advisory
    Pathbreakers
    Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
    online financia advisory
    The Scam
    28 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
    Moneylife Online Magazine
    Fiercely independent and pro-consumer information on personal finance
    financial magazines online
    Stockletters in 4 Flavours
    Outstanding research that beats mutual funds year after year
    financial magazines in india
    MAS: Complete Online Financial Advisory
    (Includes Moneylife Online Magazine)