The Senior Youth Fellowship (28 years and above) of the Youth Department, Chakhesang Baptist Church Ministers’ Hill (CBCMHK), Kohima, successfully organized a seminar on financial literacy on Monday, September 16. The event, titled “A Talk on Financial Wellness,” aimed to educate young people about banking and finance.
Resource persons Zhoponu Chüzho, Assistant Bank Manager at the Bank of Baroda, and Vekhosa Thingo, Assistant Professor in the Department of Commerce at Kohima College, provided insights into various topics related to the banking and finance sector.
Chüzho highlighted the differences between public and private sector banks, emphasizing that the government holds 50 percent or more of the shares in a public sector bank. Currently, there are 12 public sector banks and 21 private sector banks in India.
He sensitized the gathering on the various loans available at banks and the documents required to apply for them. He also stressed the importance of responsible borrowing, noting that defaulting on loans amounts to defaulting on public money.
Chüzho also emphasized the growing importance of digital products and the impending shift from cash to digital transactions. He further explained the different types of bank accounts, social security schemes, investments, loans, and the banking ombudsman facility for addressing customer grievances.
Vekhosa Thingo spoke on mutual funds, investments, and the stock market, encouraging a modern approach to savings. He explained the concept of shares or equity and the role of stock exchanges in trading shares.
India has two major stock exchanges: the National Stock Exchange and the Bombay Stock Exchange, while the Securities and Exchange Board of India (SEBI) is the regulatory authority.
Established by the Government of India, SEBI works to protect investors from unfair and fraudulent practices and provides education and training to investors.
Thingo further clarified the use of demat and trading accounts for placing buy and sell orders in the stock market. He explained how funds are deducted from and added to these accounts based on share purchases and sales.
Rev Dr Vevo Phesao, Senior Pastor of CBCMHK, delivered the opening prayer and encouraged the youth members to seek wealth according to biblical principles.
CBCMHK Youth Director Rakodu Nukhu expressed gratitude to the participants for attending the seminar despite their busy schedules. He noted that over 50 individuals had participated in the event.