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RBI financial literacy event held at Mawkdok in East Khasi Hills

A daylong ‘Field Level Financial Literacy Event’ on the theme, ‘Credit Discipline and Credit from Formal Institutions’ was organized by the Reserve Bank of India

RBI

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  13 Feb 2021 5:00 AM GMT

Local populace urged to go for bank schemes and loans following three important rules

A REPORTER

SHILLONG: A daylong 'Field Level Financial Literacy Event' on the theme, 'Credit Discipline and Credit from Formal Institutions' was organized by the Reserve Bank of India (RBI) at Mawkdok Village, East Khasi Hills District on Friday. It was held as part of the 'Financial Literacy Week-2021' of the RBI, which is being observed from the February 8 to 12 across the country.

P. Gangte, General Manager & Officer-in-Charge of RBI, Shillong delivered the keynote address in the presence of A. S. Mukhim Additional Deputy Commissioner & SDO (Civil), Sohra Civil Sub Division.

Delivering the keynote address, P. Gangte encouraged the people to apply for the various loan schemes offered by different banks and financial institutions (FIs). Cautioning the participants of dangers in taking loans from private money lenders, he said that the money lenders lend money at interest rates which are extremely high as compared to the interest rates offered by the banks.

Dwelling on the theme of the programme, he said that for people to achieve credit discipline they need to follow three important rules: 'Be Smart' to take loans only from formal institutions like Banks and registered Finance Institutions regulated by RBI; 'Be Wise' to borrow only as much as the ability to repay; and 'Be Responsible' to ensure that the EMIs and dues are paid on time, thereby building a good credit history and credit score with the banks and FIs.

ADC A. S. Mukhim, stressed the importance for the people of the area to open 'Bank Accounts'. He highlighted the various advantages for which a bank account can benefit the people especially when it comes to various Government schemes. He gave the example of MNREGS for which a Bank Account ensures and facilitates transparency and the smooth transition of funds into individual accounts.

He urged the people present to actively participate and learn from the programme, absorbing the knowledge being imparted from the presentations given by the 'Resource Persons' from RBI and to further carry the valuable knowledge obtained from the programme and in turn, further educate their fellow neighbours and friends who were unable to attend the function.

During the programme, the officials from RBI, Shillong gave presentations to the people of the area on various aspects of digital banking such as the various alternative modes of payment like mobile wallets, Internet banking, UPI, and USSD among others. Further, the participants were cautioned against the various scams and fictitious offers received via SMS, E-mails, Telephone Calls, Social Networking sites etc. They were also briefed on the procedure for lodging grievances under the 'Banking Ombudsman Scheme-2006', the 'Ombudsman Scheme for Non-Banking Financial Companies-2018', the 'Ombudsman Scheme for Digital Transactions-2019' and the 'Complaint Management System' (CMS) of RBI. The Meghalaya Rural Ban k and Meghalaya Cooperative Apex Bank also deployed their Mobile ATM Vans at Mawkdok Village during the programme for the local participants.

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