Youth Ethics in­cen­tive day pro­gram: to­wards youth fi­nan­cial in­clu­sion

Bhutan Times - - Home - Staff Re­porter

Youth Ethics ( YE) bank­ing ini­tia­tive is cur­rently be­ing pi­loted in Arekha Mid­dle Sec­ondary School un­der Chukha Dzongkhag to­wards the youth fi­nan­cial in­clu­sion for our youths.

The in­cen­tive was awarded based on the bank points earned through reg­u­lar school's on­go­ing ac­tiv­i­ties such as aca­demics, sports, ex­tracur­ric­u­lar etc. Chil­dren's par­tic­i­pa­tion in school ethics and val­ues are matched to dummy bank notes (DBNs) and bank points (BPs) which in turn gets pegged to ac­tual an­nual in­cen­tives.

YE bank­ing is an ini­tia­tive spear­headed by the Fi­nan­cial In­clu­sion Sec­re­tariat ( FIS) of Royal Mon­e­tary Author­ity, to­wards en­hanc­ing youth's gen­eral com­pe­ten­cies and fi­nan­cial ca­pa­bil­i­ties.

YE bank­ing in­cen­tive day was bliss­fully ob­served and hosted at Arekha Mid­dle Sec­ondary School, Chukha Dzongkhag.

The in­cen­tives in­cluded stu­dents' an­nual ac­cu­mu­lated bank points re­ward, cer­tifi­cates and recog­ni­tion.

The pro­gram not only com­prised of YE bank­ing in­cen­tive pay out but also con­sid­ered in­tro­duc­ing stu­dents' af­ford­able in­sur­ance within the pack­age of YE Bank­ing. In ad­di­tion, all schools signed Mem­o­ran­dum of Un­der­stand­ing (MoU) with their re­spec­tive part­ner banks to en­sure smooth, ef­fec­tive and ap­pro­pri­ate child friendly bank­ing ser­vices.

With YE Bank­ing, chil­dren of pi­lot schools opened in to­tal 1460 sav­ing ac­counts with Bhutan De­vel­op­ment Bank Lim­ited (BDBL) and Bhutan Na­tional Bank Lim­ited (BNBL). The to­tal bank points achieved by all schools ac­cu­mu­lated to 152,282 points.

For 2018, the adapt- able in­cen­tive pegged value to bank points as de­ter­mined by RMA, de­clared Nu.2 per BPs and awarded a to­tal of Nu.305,282 as to­tal YE bank­ing in­cen­tive pay­out for 2018.

Some of the salient fea­tures of YE Bank­ing in­cludes a max­i­mum chil­dren get to earn bank points as it is not lim­ited to just out­stand­ing chil­dren, School Bank­ing day where bank­ing ac­tiv­i­ties are car­ried out prac­ti­cally, pro­motes ethics and val­ues in school, spe­cial stu­dent in­sur­ance schemes for YE Bank­ing iden­ti­fied school, teach­ers mo­ti­va­tion recog­ni­tion and op­por­tu­ni­ties for school learn­ing and ex­change pro­grams.

All pi­lot re­cip­i­ent schools shall per­form as YE-bank­ing am­bas­sadors and would in turn share and repli­cate to few more schools across the coun­try based on school's re­mote lo­ca­tion, pro- ac­tive­ness and en­thu­si­asm.

Mean­while, the event was graced by Gov­er­nor, Dasho Pen­jore ac­com­pa­nied by Dasho Dzongda of Chukha Dzongkhag, CEO of BNBL, CEO of BDBL, ED of YDF, Prin­ci­pals and teach­ers from all pi­lot schools, other rep­re­sen­ta­tives from fi­nan­cial in­sti­tu­tions and var­i­ous other rel­e­vant agen­cies.

The next in­cen­tive pro­gram is sched­uled at Jigme Losel Pri­mary School (JLPS) on 10th Novem­ber and at Wangsel In­sti­tute in Paro on 17th Novem­ber.

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