Jalpaiguri Society for Social Awareness(JALSSA) is a NGO working primarily in the field of financial literacy and education in Jalpaiguri district of West Bengal. It is formed in 2010 by a group of like minded friends and social workers.
JALSSA intends to empower the masses to create a financially literate India, leading to a financially secure society, wherein each person has access to basic banking and other financial services.
Financial literacy is a complex concept, and is relatively difficult to impart. This becomes even more acute in a society, which is plagued by enormously high levels of illiteracy. In fact, as a society, we are yet to fully recognise the need and potential for financial literacy. Financial literacy is associated with market risks, and thus directly impacts the welfare of all those involved. Financial literacy is primarily the knowledge about financial products and services and their risk-return framework. The basic lesson that must be learned is that higher returns mean higher risks. The greed for higher returns eventually culminates into a crises involving larger number of retail investors. This basic lesson holds true not just for an investor putting in funds into the market but also for a bank or financial institution that manages public funds to channel them either as investments or loans. This knowledge holds the key to prudent participation in the market and welfare maximisation within the given constraints for every player.