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280 SAVINGS AND INVESTMENT PLANNING FOR SLUM WOMEN

posted Apr 20, 2018, 9:33 AM by Don Bosco Development Society   [ updated Apr 20, 2018, 9:34 AM ]
19-April-2018, Mumbai: The Don Bosco Development Society (DBDS), Mumbai organized an interactive session on the topic of ‘Savings, investments and Financial Planning’ for the SHG women from the Mahatama Phule Nagar Slum (Kurla). The workshop was attended by women from low income group and students undergoing training in vocational skills. Around 36 women participated in this session held under the aegis of ‘MGL Disha Project’ supported by Mahanagar Gas Ltd.

Mrs. Zarina Khan (Staff - DBDS) welcomed Mr. Mahesh Kumar (Senior Project Manager – DBDS) who was the resource person for the programme. The workshop covered following topics: 

1) Thumb rules on savings and investment, Ponzi Schemes
2) Time value of Money, interest rates, Compounding
3) Investing in Small saving schemes to meet Financial Goals
4) Life insurance, risk cover, health insurance and investment in insurance products

The session started with understanding the current savings and investment instruments of the participants. This was followed by explaining the effect of inflation on the savings and investments i.e. how inflation reduces the power of savings over time. The next topic was on Ponzy schemes which dealt with dubious collective investment schemes which duped many people in Mumbai. Next session on small saving schemes gave them the knowledge of various saving and investment schemes like PPF, Sukanya Samruddhi Yojana, Atal Pension Yojna, NPS, Suraksha Bima Yojna etc run by post offices and how saving in these schemes can create wealth for them.

The next session was on life insurance which gave them knowledge of the health insurance schemes and difference between risk coverage and investment in insurance. The workshop ended on a positive note as participants were motivated to start investing in small savings to meet their financial goals. The Vote of Thanks was proposed by Ms. Rupa Dalbhanjana (Member of Self Help Group).