Now Loading

ICAI adopts tech for enhancing financial literacy; launches e-Office to streamline operations

Advancing the Government of India’s initiative on ‘VitiyaSaksharta’ (Financial Literacy) and fostering comprehension of tax regulations, accounting principles, and various aspects of finance, the Financial & Tax Literacy Directorate (FTLD) of the Institute of Chartered Accountants of India (ICAI) hosted a gathering of influential figures in finance, termed the Finfluencers meet, in New Delhi. This event aimed to educate the masses about financial literacy, with over 41 prominent social media influencers joining forces for this commendable endeavor.

Statistics indicate that only 27 percent of India’s populace possesses financial literacy, with a mere 16.7 percent of Indian students having rudimentary knowledge of financial management. Recognizing the potential of social media in reaching broader audiences, ICAI is utilizing this platform to bolster financial literacy nationwide. The collaborative effort involves esteemed financial influencers whose expertise and social media presence can significantly contribute to this cause. These influencers, being reputable members of the accounting profession, bring forth both knowledge and credibility, serving as effective communicators of intricate financial concepts to the general public.

“As the world’s largest accounting body, ICAI has a social responsibility to educate the common man to make more informed financial decisions. As financial leaders, we must engage, evolve, and work together to educate and empower the citizens of the country and create a sustainable financial ecosystem for the nation. The expertise and reach of our social media influencers will surely make a difference and significantly contribute to this noble cause” CA. Ranjeet Kumar Agarwal, President , ICAI.

He further urged members and financial influencers to lend a voice and vision toward leveraging technology for financial inclusion and empowering citizens of the country.

“Embracing our role as financial soldiers ICAI is spearheading a transformative movement leading towards financial awareness in the country. It showcases our disciplined vision and unwavering commitment to financial literacy. We continue to uphold our core values of tax literacy and financial independence to contribute towards the growth of the nation” emphasised CA. Charanjot Singh Nanda, Vice-President, ICAI.

Through this collaborative effort, ICAI aims to reach even more people across various demographics, including students, professionals, entrepreneurs, and the general public. ICAI and the influencers will develop and disseminate educational content, host interactive sessions, and engage with audiences on social media platforms. Their collective efforts will focus on addressing key financial topics, debunking myths, and providing practical insights to help individuals navigate.

Utilizing technology to boost productivity and streamline operations for the benefit of its members and stakeholders, on April 5th, 2024, ICAI launched the e-Office initiative under the theme of “Service with Sustainability.” The inauguration of the e-Office platform was led by CA. Ranjeet Kumar Agarwal, President of ICAI, alongside CA. Charanjot Singh Nanda, Vice-President, and other Central Council Members. Developed by the National Informatics Centre (NIC) and implemented by RailTel, the e-Office framework aims not only to expedite internal communication processes but also to ensure transparency and enhance officials’ efficiency.

This move towards digitization highlights ICAI’s dedication to promoting accountability and transparency in administrative procedures. Through the adoption of the e-Office, ICAI intends to transition to digital, paperless transactions, leading to more efficient workflows. This transition will not only reduce costs associated with physical file storage and preservation but also minimize data loss. Additionally, it will enable flexible work arrangements, improving overall work efficiency.

The implementation of the e-Office will occur in stages, starting with integration into ICAI Committees and later extending to regional offices, branches, and chapters worldwide, facilitating seamless document flow across all organizational levels. This initiative signals a transformative shift in internal communication processes, aimed at better serving the community and promoting environmental sustainability.