Mokokchung | October 10
A Financial Literacy Camp organized by the Ongpangkong Students’ Conference (OKM) in Collaboration with NABARD and Financial Inclusion Department SBI was held at People’s College, Mokokchung with Kreho Athili, Chief Manager, Financial Inclusion, RBO Mokokchung as the resource person on Monday.
During his welcome address, Limatongzuk Jamir, President OKM, noted that in a rapidly changing world, students and youths should be informed of the new financial system in order to benefit from the various schemes that are accessible to them.
During his exhortation, Kreho Athili emphasized the need of possessing basic financial literacy knowledge, adding that it was a requirement to be able to thrive in the modern world.
He went on to stress the problem of money circulation in Nagaland, stating that, unlike neighbouring states like Assam and Manipur, Nagaland lacks sufficient industries and resources to maintain money circulation, and that money leaves the state rather than being circulated within it.
“The value of money depreciates over time,” Athili added, urging the audience to invest their money or keep it in a fixed deposit account rather than keeping it at home with them, stating that as India is a developing country, inflation would eventually cause goods prices to rise, but investing money or keeping it in a fixed deposit would help in keeping the value of money at par with inflation.
He also mentioned the benefits of the Pradhan Mantri Suraksha Bima Yojna (PMSBY), Atal Pension Yojna (APY), and Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY) schemes, which were made easily accessible to the people by the government for Life Insurance, Pension, and Accidental Death Insurance.
He remarked, using examples from his experiences as a banker, that a bank can improve a person’s life; yet, in order to do so, one must have a clear goal, be well-planned, and financially literate.
During her vote of thanks, Amongla, Vice Principal, People’s College, complimented the OKM and the collaborators for holding the Financial Literacy Camp in the college, noting that it was a need as the world progressed to a modern era.