DIMAPUR — With an aim to educate young people about banking and finance, the senior youth department of Chakhesang Baptist Church Ministers' Hill Kohima (CBCMHK) successfully organised a seminar on financial literacy on September 16 on the theme "A talk on financial wellness."
An update from the church stated that the resource persons namely Zhoponu Chüzho, assistant bank manager of Bank of Baroda, and Vekhosa Thingo, assistant professor of Commerce at Kohima College, provided insights into various topics related to the banking and finance sector.
Chüzho highlighted the difference between public and private sector banks, emphasising that 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 sensitised 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 emphasised 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.
“India has two major stock exchanges 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 said.
He 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, said 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 30 individuals attended the programme.