Kathmandu— Rong Rural Municipality in Nepal’s Ilam district has launched an initiative to engage students in financial literacy and investment from a young age, aiming to foster saving habits and support their future education. The municipality has established child savings accounts for 129 students and connected over 600 others to the stock market through Initial Public Offerings (IPOs), with more than Rs. 7 million deposited into student savings programs over the past two years and eight months. This program also provides financial support, including allowances and dedicated funds, to orphaned students within the municipality.

Student Savings and Stock Market Access

The rural municipality initiated the program by opening child savings accounts for 129 students and subsequently facilitated access to the stock market for 460 students with D-MAT accounts and 158 with CRN links. In the first phase, IPOs from various companies have been transferred into the names of these students. Sixteen stocks have already been registered in student names, including shares from Apollo Hydro, Kangal Hydro, Saniguard Hydro, Sarvottam Paints, Mount Everest Hydro, and Taksar Pikhuwa Khola Hydro.

Support for Orphaned Students

Recognizing the needs of vulnerable students, the rural municipality has prioritized support for orphans. Approximately Rs. 20,000 per student has been deposited into bank accounts through Siddhi Hydro Power Company to aid in their education, with a total of Rs. 30,000 deposited per student including contributions from other sources. A monthly allowance of Rs. 2,000 is also provided under the ‘Bright Future Allowance’ program, and an additional allocation of Rs. 10,000 per orphaned student is available.

Program Expansion and Goals

The rural municipality has developed a Student Entrepreneurship Programme Action Plan 2080, encompassing daily savings of 1 rupee per student, support for students without parents, entrepreneurship initiatives, and incentive programs. Mani Kumar Syangbo, the Rural Municipality Chairman, stated that their goal is to enable students to build capital alongside their studies. Shruti Tamang, Head of the Education, Youth and Sports Branch, highlighted the ongoing finalization of program guidelines.

The Rong Rural Municipality continues to refine its student financial literacy programs, with plans for further expansion and support for educational opportunities within the region.

(With inputs from RN)

Originally published on abcnews.com.np.