Dimapur, Feb. 24: To promote the cause of financial literacy and financial inclusion, a program focusing on Digital Financial Literacy Awareness Program was conducted at Chubayimkum village on February 24 in Mokokchung.
The event was supported by the NABARD and organized by the Care and Support Society of Mokokchung in collaboration with the ICICI Bank, Mokokchung branch, also sponsored by the NABARDm, organisers informed in a press release on Friday.
During the programme, S Amarjit of the NABARD informed the participants and villagers about digital transaction and the importance of a cashless economy. He highlighted the objectives of the demonetization and informed the villagers to go for cashless transactions to save time and money. The official also advised the villagers to open accounts and apply for Rupay cards from the banks besides encouraging them to connect their mobile numbers to the bank account to do cashless transactions.
Other topics that he talked to them about was internet banking and digital wallets including the facility *99#; initiatives of the NABARD such as the Farmers’ Club, self-help groups, and other government-sponsored schemes routed through the NABARD, the press release stated.
Also, Nungsangmongba Jamir of the ICICI Bank, Mokokchung branch spoke to the participants about the importance of banking, savings, financial planning; various financial services offered by the banks for the public.
Further, he highlighted to them programs such as the PMJDY, PMSBY, PMJJBY and APY.
“He further shared the gathering about the current demonetization going in the country. Cautioning the public about unscrupulous people, he further advised the people not to entertain people who try to evade tax by trying to park their cash in the accounts, which is equal to abetting the tax evaders and is punishable by law,” the press release added.
Financial literacy
Financial literacy is the ability to understand how money works in the world: how someone manages to earn or make it, how that person manages it, how they invest it (turn it into more) and how that person donates it to help others.
More specifically, it refers to the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources. Raising interest in personal finance is now a focus of state-run programs in countries including Australia, Canada, Japan, the United States and the UK.
Financial inclusion
Financial inclusion or inclusive financing is the delivery of financial services at affordable costs to sections of disadvantaged and low-income segments of society, in contrast to financial exclusion where those services are not available or affordable.
An estimated 2 billion working-age adults globally have no access to the types of formal financial services delivered by regulated financial institutions. For example, in Sub-Saharan Africa, only 24% of adults have a bank account even though Africa’s formal financial sector has grown in recent years.
It is argued that as banking services are in the nature of a public good, the availability of banking and payment services to the entire population without discrimination is a key objective of financial inclusion.
