An awareness programme on financial literacy was organised at Oriental College Kohima on the theme Financial Literacy for a Secured Future.
DIMAPUR — An awareness programme on financial literacy on the theme “Financial literacy for a secured future” was organised at Oriental College Kohima on Wednesday.
The event was held by the Social Welfare department in collaboration with the Kohima district administration and SANKALP – District Hub for Empowerment of Women, Kohima, according to an update.
The resource persons for the event were Zulusenlan, AGM and Branch Head of IDBI Bank Limited; and Arnav Kumar, Manager, Reserve Bank of India (RBI).
Speaking on the occasion, Zulusenlan highlighted the importance of saving money, particularly for the younger generation. She stated that with money comes great responsibility, noting that there are broader horizons in banking with GenZ and that banking today has moved from physical lobbies to the comfort of homes, though with a higher risk of fraud and scams.
Addressing the digital banking system, she raised awareness about cybercrimes, stating that young people today are highly vulnerable to cybercrimes and money mule traps. She warned that individuals should carefully monitor their transactions so as not to become victims of money mules. Citing examples from video gaming, she pointed out how multiple transactions can lead to the freezing of one's account.
She also spoke on the importance of saving money to secure one’s future and combat inflation, urging young people to start saving as soon as they begin earning. Sharing various schemes and ways to save money, she highlighted the benefits of mutual funds and provided an overview of equities, noting these are options where young people can take calculated risks to start their savings.
For long-term savings, she mentioned that the government has discontinued the pension system, making options like the National Pension System and insurance-linked investments viable alternatives.
Arnav Kumar also spoke on financial literacy, stating that everyone should be aware of financial planning in today's fast-moving technological world to secure their future and protect themselves from bank-related fraud and scams.
Explaining the functioning of RBI, he highlighted the key benefits of dealing only with RBI-regulated entities and the risks associated with unregulated ones. He outlined various safety measures to avoid digital banking fraud and encouraged the students to pursue careers in banking.
A total of 197 students along with all faculty members participated in the programme.