Financial literacy prog for NEISSR students held

January 30, 2023 37 Views No Comment

DIMAPUR, JANUARY 30 (MExN): The North East Institute of Social Sciences and Research (NEISSR), Chümoukedima in collaboration with the State Bank of India (SBI), Regional Business Office, Dimapur conducted an awareness programme on ‘Financial Literacy for Students of Social Work’ on January 28.

The programme was sponsored by SBI, Regional Business Office. KSH Rameshwar Singh, Chief Manager (Financial Inclusion) and Kenedy Ningthoujam, Manager SBD, both from SBI, Regional Business office Dimapur, Nagaland were resource persons.

Rameshwar spoke on financial literacy for youth and informed students on various social security schemes, as part of financial inclusion, implemented by the Government of India through linkages with Banks. He imparted knowledge on what entails financial literacy, which is beyond just having a bank account.

The foremost aspect of financial literacy is developing habit of saving, he stated, and stressed that in the context of the Northeast, saving habits is relatively poor and needs to be inculcated at a very young age. Financial literacy is the ability to understand and effectively use the various financial skills and develop financial discipline in life, he stated. He added that a strong foundation in financial literacy can help support various life goals, for education, plan for retirement etc.

He further said that society moved past COVID-19, one thing it taught the people is the importance of financial stability.

He concluded by explaining some of the Social Security Schemes (SSS) such as Atal Pension Yojana (APY) a pension scheme designed for individuals and targeted those who are mainly in the unorganized sector. He informed on the Pradhan Mantri Suraksha Bima Yojana (PMSBY), accident insurance scheme wherein a person can be insured by paying a premium of Rs 20 annually.

The Pradhan Mantri Murda Yojana (PMMY) for start-up business or those who are engaged in small micro enterprise was another scheme which Rameshwar spoke on, along with the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
Kenedy Ningthoujam spoke on the importance of digital banking skills where people need to enhance one’s digital banking skills as society is transitioning towards a digital world. He spoke about functions and application of the YONO app and YONO cash. He challenged students to explore various digital apps available and informed how WhatsApp can also be used as a financial tool.

There is a need to update oneself as digital banking has already become universal and it is based on the Information Technology (IT), he stated, while also speaking on how UPI payments work by linking phone number through WhatsApp.

He encouraged the students to start saving by exploring various areas where they can make financial investments.

“Start saving and have financial freedom at old age,” he encouraged. Kenedy concluded by emphasizing on efforts to promote digital banking by practicing UPI transaction and avoiding cash payment and to be financially literate to avoid scams.

The programme ended with a vote of thanks by Sazüni Chache, MSW 2nd semester student.