Financial awareness prog by RBI held

Port Blair
8 Jun 2017

The Financial Inclusion and Development Department, RBI, Kolkata organized a ‘financial awareness programme’ in connection with the Financial Literacy Week (June 5 to 9) at TGCE Auditorium here this morning. The Chief Secretary, A&N Administration, Mr Anindo Majumdar was the chief guest on the occasion. The CGM, RBI, Mr A. K. Choudhary, CGM, SBI, Mr P. Sengupta, GM, SBI, Mr Mahesh Goel, Chairman, ANSCB, Mr Bhagat Singh, senior bankers, representatives from ACCI, NABARD, Officers from various Departments, SHGs and students were present on the occasion.
Addressing the gathering, the Chief Secretary complimented RBI for organizing the second financial literacy programme here in the Isles in line with the financial literacy week (June 5 to 9). The Chief Secretary also stated that over the years, the Indian economy has evolved and now days a wide variety of financial products are available for the customers to choose from.
He also highlighted about the increasing level of financial awareness among the Islanders pertaining to financial investment risks and stock markets etc. He said, well informed decision making for safe investment is the need of the hour and it has to reach every individual besides better understanding of the method in which financial market operates.
The Chief Secretary also threw light on various fraudulent investment companies which lure people with high interest rates and cautioned the customers to beware of such activities while planning for investment. He further informed that in line with digital transaction, the A&N Islands are also making its mark and cashless transactions have been embraced by a large number of Islanders, despite poor connectivity issue.
Meanwhile, to augment the current connectivity issue, BSNL has taken steps to hire more satellite transponders as interim measures, said the Chief Secretary. He also expressed hope that the financial literacy programme would benefit the customers to a large extent and should be a continuous effort.
In his address, the CGM, RBI, Mr A. K. Choudhary said, the skill and knowledge on financial awareness is of paramount importance. He stated that more than 75% of the populations are financially illiterate and thus it becomes necessary for the banking sector to disseminate information regarding financial literacy. He said when customers are aware of their rights and responsibilities; they will be well prepared to invest carefully.
He also highlighted the four main key areas of the ‘Financial Literacy Programme’ which focuses on KYC, Credit discipline, grievance redressal and digital transaction, and urged the banking fraternity, stakeholders and the public to disseminate information about the importance of financial literacy.
The CGM, SBI, Mr Sengupta said financial literacy awareness programmes are being organized by the banking sectors to sensitize customers about the various financial activities and schemes available. He said, despite awareness on ATM fraudulent transactions, 90 to 95% of the people, who fall prey to such fraud are literate. He further stated that financial literacy is a continuous process which needs to be inculcated among individual irrespective of whether literate or illiterate.  He urged the customers to invest safe and wisely depending on their capabilities.
The Chairperson, ANSCB, Mr Bhagat Singh while speaking expressed gratitude to RBI for organizing financial literacy programmes here in these Islands for the benefits of the customers. He also highlighted about the activities and achievements of ANSCB and the various programmes undertaken by ANSBB in coordination with NABARD.
The GM, SBI, Mr Goel while speaking said the Information Technology in India has further increased the financial status of the country besides giving rise to employment opportunities and financial investments. He stressed on the need for customers to increase their credit scores so that banks can lend them more loans in future. He also threw light on the various options available for transactions through online viz. purchasing of air tickets, train tickets, booking of hotels, banking etc. which has made life easier for people.
The DGM, RBI, Mr Surajit Bose through a power point presentation highlighted about ‘Beyond understanding financial awareness’ and financial awareness related topics. This was followed by an interactive session.
Smt. Selma, a representative from NABARD while speaking highlighted about financial literacy programmes organized by NABARD in various corners of the Island. She stressed on educating the rural folks about financial literacy so that they may be aware of various financial investments and schemes. Earlier, AGM, RBI, Mr Samir Ansari welcomed the gathering.