The National Financial Literacy Test (NLFT) the first ever in the country to be held by the Central Board of Education to make students aware and educate them on the current fiscal structure.
The National Financial Literacy Test (NFSE) in collaboration with the National Institute of Securities Markets (NISM) Mumbai is India's first national-level test to measure the basic knowledge on economics and financial literacy among students. This test is for students of classes 8th to 10th.
The aim is to encourage students to obtain basic financial skills and financial literacy. The larger plan is to train students in different skills such as communication, leadership and management, among others, as part of the CCE.
"In today's day and age it is important to educate the next generation on economics. Fiscal knowledge plays such an important role in our lives that crucial decisions depend on it. This test would help children study in this direction and understand economics better," CBSE chairman Vineet Joshi said, speaking about the test.
The bilingual (Hindi and English) test, comprising of 75 questions analysing the basic concept of finance and business scheduled to be held on January 12, 2014.
NISM is the nodal agency for implementation of the National Centre for Financial Education (NCFE) in association with the CBSE. NCFE is a joint initiative of India's financial services regulators, Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority (IRDA), Pension Fund Regulatory and Development Authority (PFRDA) and Forward Markets Commission (FMC).