The Senior Youth Fellowship (28 years and above) of the Youth Department, Chakhesang Baptist Church Ministers’ Hill (CBCMHK), Kohima, successfully organized a seminar on financial literacy on Monday, September 16. The event, titled “A Talk on Financial Wellness,” aimed to educate young people about banking and finance.
Resource persons Zhoponu Chüzho, Assistant Bank Manager at Bank of Baroda, and Vekhosa Thingo, Assistant Professor at the Department of Commerce, Kohima College, provided insights into various topics related to the banking and finance sector.
Chüzho highlighted the difference between public and private sector banks, emphasizing the government holds 50 per cent or more share in a public sector bank. Currently, there are 12 public sector banks and 21 private sector banks in India.
He sensitized the gathering on various loans available at banks and the documents required to apply for the loans. He also noted the importance of responsible borrowing of loans while noting that defaulting on loans amounts to defaulting public money.
The resource person also emphasized on growing importance of digital products and the impending shift from cash to digital transactions. He further explained on different types of bank accounts, social security schemes, investments, loans, and the banking ombudsman facility for addressing customer grievances.
Vekhosa Thingo spoke on mutual funds, investments, and the stock market, encouraging a modern approach to savings. He explained the concept of shares or equity and the role of stock exchanges in trading shares.
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India have two major stock exchange including, National Stock Exchange and Bombay Stock Exchange, while the Securities and Exchange Board of India (SEBI) is the regulatory authority. Established by the government of India, SEBI work for the interest of investors such as protecting investors from unfair and fraudulent practices, provide education and training to investors.
Thingo further clarified the use of demat and trading accounts for placing buy and sell orders in the stock market. He explained how funds are deducted from and added to these accounts based on share purchases and sales.
Rev. Dr. Vevo Phesao, Senior Pastor of CBCMHK, delivered the opening prayer and encouraged the youth members to seek riches according to biblical principles.
CBCMHK Youth Director Rakodu Nukhu expressed gratitude to the participants for attending the seminar despite their busy schedules. He noted that over 50 individuals had participated in the event. The report was issued by the Media and Publicity Committee, CBCMHK.
