Bankers asked to boost financial literacy

Bhubaneswar: Odisha Finance department Principal Secretary Sanjeeb Kumar Mishra on Monday asked bankers to make efforts to increase financial literacy among poor and rural people to protect them from financial fraudsters. Mishra made the remarks while speaking at an event organised by the Reserve Bank of India (RBI) to celebrate Financial Literacy Week here.

He informed that the State government is providing nearly about Rs 50,000 (on an average) to each poor family every year through various schemes and subsidies. “If any of them suffers a financial fraud of Rs 3,000 or Rs 5,000, it will lead to mental stress among them,” he said. Such people need to be protected from cyber fraudsters. They need to be financially literate, Mishra added.

He further said that many people, especially tribal and rural residents in remote areas, do not understand the Odia language. Therefore, he advised bankers to plan the financial literacy campaign in a way that can empower them.

The RBI has been celebrating Financial Literacy Week annually since 2016 on a specific theme. This year, the week is being observed from February 9-13, with the theme ‘KYC – First Step towards Safe Banking’. RBI Bhubaneswar Regional Director Sarada Prasan Mohanty highlighted the need for financial literacy and KYC update in bank deposit accounts.