Youth Ethics incentive day program: towards youth financial inclusion
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.