Deputy Commissioner, Chümoukedima, Abhinav Shivam addresses as a ‘Financial Literacy camp’ organised by the Nagaland Rural Bank, Purana Bazar Branch, Dimapur on March 1. (DIPR Photo)
Nagaland Rural Bank Purana Bazar Branch holds Financial Literacy camp
Dimapur, March 3 (MExN): Highlighting various schemes and loans by government as well as financial institutions, Deputy Commissioner, Chümoukedima, Abhinav Shivam maintained that there is something for everyone who wants to avail.
He, however, noted the allotted fund often lapses as figures of disbursement are very low.
“Whenever there is a lapse of fund, it’s an opportunity lapse, he said, addressing a ‘Financial Literacy camp’ with special focus on loans was organised by the Nagaland Rural Bank, Purana Bazar Branch, Dimapur with support from financial inclusion Fund (FIF) by NABARD on March 1 in Chümoukedima.
The informative and interactive camp was also on attempt to educate the people the needs, benefits and services offered by the banks, informed a DIPR report.
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, it said.
Meanwhile, Shivam 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.
Everyone thinks that Government jobs are secure but as per report out of 100 people in India only 3.5 people get government jobs, he noted.
As of now, India is the fastest growing economic in the world and this development is not coming through government jobs but through private enterprises, he added. Accordingly, the DC urged the people to calculate strategies as there are so many schemes and avenues of beneficial and subsidy loans.
There is a market and scope as well as Government schemes but people are instead going to money lenders, and falling into debt trap and this is all due to lack of awareness, he pointed out.
Nagaland have quality of human resources, hardworking, youths full of energy, what they need is little guidance and a holding, he added.
Shivam, also highlighted on some schemes on education loan which provides 7.5 lakh; Start-up India which gives 10 lakh with no collateral fee; livelihood mission which gives 50% subsidy, loan facility for agriculture & allied activities, Animal husbandry and housing loan etc.
Hence, he appealed to the people to avail those opportunity instead of making the fund lapsed.
Meanwhile, 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, Chumoukedima; SHG Loans by NSTBC, Chumoukedima; 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.