Financial ‘literacy’ paradigms reach Khuzama

Principal Correspondent Kohima, April 17 The Nagaland State Cooperative Bank (NSCB) Ltd today conducted financial literacy consultancy & credit camp for villagers of Khuzama at the village Panchayat Hall, about 30 kms south of Kohima town. The event was supported by Financial Inclusion Fund (FIF) under NABARD (National Bank for Agriculture and Rural Development). Branch Manager NSCB PR Bill Branch P. P. Bose and Assistant Branch Manager & i/c Nodal Centre NSCB Kohima branch S. Kevi Hibo speaking as the resource persons of the camp dwelled on the aspects of opening bank accounts in order benefit various schemes from the Central government. They also enlightened on the facilities under Prime Minister’s Jan Dhan Yojana. Bose expressed that NSCB extends various loan schemes through Kishan Credit Card (KCC), Self Help Groups (SHG) and Joint Liability Groups (JLG) while encouraging villagers involved in farming, rearing of animals and wanting to take up entrepreneurship can approach the bank to avail loan.Delivering the keynote address, Hibo said that established in 1966 NSCB started banking services since 1967 and it has been extending financial support to the rural people. He said that interested individuals and groups could come forward to avail loan from NSCB at normal banking rates. He said schemes such as KCC, SHG and JLG have been introduced so that the system of money lending from individuals at higher rates, which could be even 60% per annum, can be done away with. He also said that NSCB has branches in all the districts of the state, except Longleng, but the Government has approved opening of the same which would be implemented very soon. The resource persons also asserted the villagers that they can approach the bank for any financial assistance towards availing bank loans. Participating in the discussion, the villagers expressed concern that loan extended by NSCB through KCC should be enhanced to at least Rs. 20-30 thousand from the present Rs. 15,000 and the rate of interest at 12% per annum should be decreased.