Running financial institution not easy : Y Khemchand
Source: Chronicle News Service
Imphal, July 22 2022:
RD&PR minister Y Khemchand has observed that it is not an easy task to run a financial institution while upholding the professional ethics and guidelines laid down by relevant authorities.
Speaking as chief guest of the 29th foundation day celebration of Imphal Finance Cooperative Thrift and Credit Society Limited held at Manipur Press Club here on Friday, Khemchand hailed the society for its 29
years of unhinged service to the people of the state.
Several such financial institutions have gone missing after collecting huge money from the public with promise of high return, he noted and advised the public investors to ponder over seriously how some so-called financial institutions offered 3 per cent interest rate when nationalised banks are collecting only up to 12 per cent interest per annum on loans provided to their customers.
In such a disturbing scenario prevalent in the state, it is one of a kind that the society is surviving for 29 years as a result of its sincere and disciplined approach, he said while congratulating the society on its success.
Managing director of the society Wairokpam Guneshwar said that the state is facing a crucial issue of unemployment.
On the other hand, most of the people in the state lack financial literacy due to which most of the wealthy individuals wasted their wealth by keeping their money idle.
At the same time, there are several people with
proper financial literacy, who could not get source of investment.
As a result, the state has not been able to improve its per capita income, he said.
He also spoke on how some likeminded youth established the society on July 22, 1993 with the sense of self-employment and help the society.
Since its inception, the society has been offering different types of loan including service loan, daily collection, gold mortgage, appliance loan (TV, laptop), two-wheeler, three wheeler and four wheeler loan, loan against property, business loan and commercial vehicle loan among others.
The society will also open a new branch in Thoubal district in August, he informed.
Managers of the society were also encouraged by presenting gifts at the occasion.