The Nagaland Rural Bank, Purana Bazar Branch, Dimapur and supported under financial inclusion Fund (FIF) by NABARD conducted an informative and interactive “Financial Literacy Camp” with special focus on loans on Friday at CTC Hall Chümoukedima, DIPR informed.
The camp was organised with an attempt to educate people the needs, benefits and services offered by the banks.
Deputy Commissioner, Chümoukedima, Abhinav Shivam, IAS, in his welcome address said that the camp was organised to impart financial education to those who might not have an extensive financial background and also to promote economic well-being to citizens of the district. He stated that everyone thinks that Government jobs is secure but as per report out of 100 people in India only 3.5 people get government jobs. As of now, India is the fastest growing economic in the world and this development is not coming through government jobs but the development is through private enterprises, he said.
The DC urged the people to calculate our strategies as there are so many schemes and avenues of beneficial and subsidy loans. There is a market and scope but people are instead going to money lenders. The money lenders are coming up and Government schemes are there which brings paradox where people are been forced to fall in debt trap and this is all due to lack of awareness. Nagaland have quality of human resources, hardworking, youth full of energy, what they need is little guidance and a holding, he said.
DC Shivam also highlighted on some schemes on education loan which provides 7.5 lakh, Start-up India which gives 10 lakh with no collateral fees, livelihood mission which gives 50% subsidy, loan facility for agriculture & allied activities, Animal husbandry and housing loan, etc, where there is something for everyone who wants to avail. He appealed to the people to avail the opportunity as figures of disbursement is very low and the fund which was allotted lapse. Whenever there is a lapse of fund, it’s an opportunity lapse, he stated.
Awareness regarding different schemes was imparted in a presentation on Education Loans by Bank of Baroda; MSME Loans by UCO Bank, Chümoukedima; Financial & Digital Literacy camp and social Security Agriculture loans SBI, Chümoukedima; SHG Loans by NSTBC, Chümoukedima; Social Security Schemes, Savings, etc by CFL Chümoukedima; NESFB and Nagaland Rural Bank; Sharing by SHGS, where they highlighted basic understanding of financial services on various schemes, subsidy, criteria, eligibility, interest rate etc.
Apart from presentation, there was an Interactive Session where the participants asked questions, sought clarification and shared their personal financial experiences. The participants were guided on understanding the importance of financial goal- settings and making informed decisions about various financial services.
LDM, Chümoukedima, Paotinthang Khongsai, concluded the session by delivering the vote of thanks.
Financial literacy involves the knowledge and skills to manage one’s finances effectively. It includes informed decision-making about saving, spending, investing and utilising financial services. In today’s world, where digital transactions are common, being financially literate means one is equipped to handle online banking and digital payments safely and wisely.
