Financial literary week
Source: The Sangai Express
Imphal, June 04 2018:
General Manager & OIC, NABARD RO, Imphal, PN Praveen Kumar has called for finding better scopes to provide loans to the common people of the State while expressing concern that the rate of providing loan in the State by relevant banks under the initiatives of NABARD, is much lower compared to other parts of India, including Assam and Tripura of the North East region.
He was speaking as the chief guest at the inaugural function of 'Financial Literacy Week" organized by RBI, Imphal at Imperial Hall, Hotel Classic Grande today.
The observation conducted under the theme "Consumer Protection" will conclude on June 8.Praveen Kumar went on to say that many farmers of the State fail to get loans due to lack of proper documentation.
Conveying that the objective of observing "Financial Literacy Week" is to create a financially literate community, the NABARD General Manager said that financial inclusion of every citizen is required to fulfil the objective.
He asserted that NABARD has been taking up various initiatives to make financial inclusion more inclusive in the country and added that it started implementing programmes emphasising on financial inclusion way back in 1992.Informing that certain initiatives which are aimed at bringing development in rural and remote areas have been taken up by NABARD in collaboration with Manipur Rural Bank, he maintained that there is a need for creating awareness in far flung areas of the State regarding financial literacy.
Claiming that NABARD has made a large financial inclusion in terms of banks, participation, amount, number and geographical expansion in the country through its programmes, he also conveyed that with the support of NABARD, Manipur Rural Bank has opened eight financial inclusion centres apart from sanctioning funds for organising 570 awareness programmes to various banks and NGOs.
He also said that NABARD has been promoting digital payment system in the State adding that it is trying to form self help group financing through digitisation mode.
Highlighting the role taken up by RBI in promotion of financial inclusion in the country, he said that the bank (RBI) has given relaxation in banking norms of certain programmes taken up for farmers, self help groups and common people by allowing informal groups such as clients and in lending money (by banks) without any specific activities.
Speaking at the event, Mary L Tangpua, General Manager & OIC, RBI, Imphal conveyed that it focuses on four messages, including know your liability (for unauthorized electronic banking transaction), banking ombudsman, good practices for a safe digital banking experience and risk and return.
She continued that Financial Literacy Centres (FLCs) set up by banks will conduct special camps to create awareness apart from making arrangements to transmit various messages in Manipuri and tribal dialects through All India Radio, Imphal and also through local cable channels during Financial Literacy Week.
The function was also attended by Manipur Rural Bank Chairman, Dr PK Bal, among others.