Move to enhance Financial Literacy in India
1st January 2025, Mumbai: IDFC FIRST Bank is proud to announce the launch of IDFC FIRST Academy, a comprehensive financial literacy initiative available through digital platforms. This Academy reflects the Bank’s mission to enhance financial literacy, enabling individuals to better manage their financial matters.
Participants can easily access the courses of IDFC FIRST Academy at https://www.idfcfirstacademy.com on the browser of the desktop or the mobile. For IDFC FIRST Bank customers, it is also available on the mobile Banking App.
IDFC FIRST Academy has simplified complex financial subjects in easy-to-understand bite-size modules with easy, expert-designed content for quick and effective learning. It has blogs, videos, and interactive quizzes for diverse learning styles. It also includes Real-world scenario-based activities to enhance practical understanding. Finally, it has Certification programs to recognize learning of the participant.
The program has three levels: Foundation, Intermediate and Advanced. With 35 courses covering 255 topics, IDFC FIRST Academy is meticulously designed to provide a deep understanding of financial topics. Each topic takes just 3-5 minutes to complete, with the full program totalling 36 hours of learning:
The learning program is designed to progressively increase the depth of understanding of financial topics. Thus, users can join any level of the program based on their level of current financial literacy and grow their knowledge on financial matters.
For example, the Savings course covers topics across all levels, such as:
- Foundation: “What is a Savings Account?” and “What is Interest?”
- Intermediate: “The Power of Compounding” and “Types of Savings Accounts.”
- Advanced: “Goal-Based Savings,” “KYC,” and “How to Manage Emergency Funds.”
Mr. V. Vaidyanathan, MD & CEO, IDFC FIRST Bank said, "IDFC FIRST Academy is a key initiative from IDFC FIRST Bank. We notice in our day to day lives, whether savings or investments, most people don’t quite know where to begin. For example, they may have heard of Mutual Funds, but don’t know whether to invest in Debt, or Equity, or Hybrid, or Tax savings Mutual Funds, what these terms mean, and how to begin. This program will make complex concepts easy to understand.”
Interactive Quizzes & Certificates: After the completion of each course, users will be prompted to take an interactive quiz to test their understanding of the topic. Basis the test results, they will be awarded certificates.
Join IDFC FIRST Academy Today: Start your journey toward financial learning with IDFC FIRST Academy. Visit www.idfcfirstacademy.com . IDFC FIRST Bank customers can also access the courses through the IDFC FIRST Mobile Banking App.
About IDFC FIRST Bank
IDFC FIRST Bank is a new age Universal Bank in India built on the foundations of Ethical Banking, Digital Banking, and Social Good Banking. We are building a world class bank in India.
As part of the Bank’s ethical banking approach, it applies a "Near and Dear" Test to its products, so that the employees of the Bank serve only such products they'd want for their own loved ones. It believes income earned unethically is not worth earning.
Therefore, the Bank avoids complicated descriptions, calculations, and legalese that customers don’t understand. It abolished all charges on Savings Accounts including for Debit Cards, IMPS, RTGS, NEFT, Cash Deposit, “Non-Home branch” access, Cash withdrawals at ATMs and at branches, 3rd party transaction charges at branches, SMS Alert, Cheque book, Demand Drafts, Pay-order, duplicate statement, and all such services that are usually charged in the market. It follows the principle that it won’t touch its customers’ bank account for one reason or other. It is the first and only bank in India till date to do so.
IDFC FIRST Bank is the first bank in India to offer monthly credit on savings accounts. The credit cards have no hidden charges. It offers Lifetime Free without minimum spend conditions, never-expiring rewards points, zero interest on cash withdrawal at ATMs, dynamic low APR and much more. Fees if any are transparent and described neatly in a manner a common person can understand. Every product offered by the bank is highly customer friendly, most often the best in the industry.
As part of technology led banking, the Bank has built a modern technology stack and has built an advanced mobile app with 250+ features such as Goal based investing, MF investment assistance, electric-speed payments, Account Aggregator, MF Aggregator, Personal Finance Manager, Auto categorisation of spends, single app for personal and business banking, UPI on Credit Cards, travel and shop, bill and recharges, deals and reward redemptions, which offer great convenience to the customers. For business customers the Bank offers on-the-go bulk payments, ability to pay income tax, GST, customs duty, and connected banking with ERP solutions.
As part of the Social Banking theme, the Bank’s business model is naturally geared to social banking. It has developed unique capabilities for financing bottom of pyramid customers with consistently high asset quality. The Bank has financed over 40 million customers including 0.3 million SMEs, 0.9 million livelihood (cattle loans), 16 million lifestyle improvement loans (for laptops, washing machine, etc.), 1 million sanitation loans (toilets, water fittings), 6.5 million mobility loans (2-wheelers and cars), and home financing (over 100,000 homes), and 15 million loans to 4.3 million women-entrepreneurs. It also offers other retail and rural loans such as Kisan Credit Cards, harvest financing, gold loans etc.
IDFC FIRST Bank is a Universal Bank, and offers end to end Corporate Banking, Trade Finance such as issuance of LCs & BGs, SBLC, Packing Credit, Pre-shipment and Post-shipment Finance, Treasury products including risk hedging solutions like Forwards, Swaps, Options, and other Forex Solutions, SME Banking, Wealth Management, NRI banking, Cash Management, Nostro & Vostro account operations, Escrow facilities, Correspondent Banking, Fastag, Toll-acquiring, Dealer Finance and Purchase/Sales Invoice discounting.
ESG Goals: The Bank is incorporating ESG in every aspect of working and has high ESG scores. The Bank believes that to get an opportunity to create a new age, ethical and world class Bank for India is a great privilege for its employees.
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