World Thrift Day
Technical Data
| Date of Issue | October 31, 1971 |
|---|---|
| Denomination | 20 nP |
| Quantity | 3,000,000 |
| Perforation | comb 14¾ x 14½ |
| Printer | Security Printing Press, Nashik |
| Watermark | No Watermark |
| Colors | Blue grey |
| Catalog Codes |
Michel IN 529 Stamp Number IN 545 Yvert et Tellier IN 329 Stanley Gibbons IN 643 |
| Themes | Coins | Globes | Hands | Maps |
World Thrift Day, observed annually on the 31st of October, is a day dedicated to promoting the ideal of thrift and encouraging savings. Its origin dates back to 1924 when the International Savings Bank Congress held in Milan declared the last day of the meeting to be World Thrift Day. The resolution emphasized the importance of saving and designated October 31st as a day dedicated to promoting thrift on an international scale.
World Thrift Day provides a unique opportunity for savings institutions and workers to engage with the public and emphasize the value of saving. It is a day when people of all ages visit savings banks to participate in various activities and festivities, highlighting the importance of thrift.
In India, the National Savings Organisation has been closely involved in World Thrift Day activities. The annual National Savings Fortnight is inaugurated on this day, further promoting the culture of saving among the public.
The concept of organized savings institutions in India dates back to 1833 with the establishment of the Presidency Bank of Calcutta, followed by similar banks in Madras and Bombay. The Post Office Savings Bank, established in 1881, aimed to provide savings facilities to the common man and encourage thrift.
During the Second World War, the Indian government established the National Savings Central Bureau in Simla to promote thrift and mobilize resources to finance the war efforts. After the war, the savings movement was reorganized in 1948 to sustain public interest and promote savings.
Savings is considered a virtue and discipline for every citizen, and investments in approved small saving schemes benefit both individuals and the country by providing resources for national development projects and combating inflation.
The Posts and Telegraphs Department plays a vital role in promoting thrift and is proud to be associated with the global celebration of World Thrift Day by issuing a special commemorative stamp.