‘Nagas lack interest in financial education’

Our Correspondent
Kisama, Dec. 8 (EMN): With the objective to spread awareness about financial literacy in the state, the Securities and Exchange Board of India (SEBI) set up a stall at the Bamboo Pavilion for the first time during the ongoing 23rd edition of Hornbill Festival at Kisama Naga Heritage Village in Kohima.

Officials manning the stalls, however, said there is a lack of interest in financial education in the state.

Chenio Lotha, a resource person on Financial Expression, said local visitors had ‘less interest’ in financial education because ‘they do not know about investment and stocks’.

He informed that they have been distributing booklets on how to start saving money, financial planning, process, procedures and others.

Lotha also informed that resource persons from National Stock Exchange, Mumbai Stock Exchange, NSDL, CDSL and MCX had come for advisories.

He revealed that he conducts workshops and seminars on financial expression with government agencies, educational institutes, self-help groups, farmers and other organisations.

Meanwhile, Sanjib Gain, senior manager, MCX (Metal and Energy) also said that local people were ‘less aware’ about financial literacy, and opined that many people invest in chit-funds, ‘which do not give any kind of returns’.

‘It is with that regard the SEBI is creating awareness about securities, commodities, and how to invest properly for the visitors at the Hornbill Festival considering the lack of awareness among the locals (Nagaland) unlike people from outside,’ he said.

He shared that SEBI is there to help people understand about fraudulent schemes, which will go a long way in helping people build their financial securities.

Gain maintained that the people in Nagaland are still investing in traditional products such as fixed deposits and others, which is due to lack of knowledge in the financial sector. He said there were various other options and avenues to earn, which are ethical and properly managed.

He also advised the people to invest in companies that are registered with SEBI.

Gain further said that he met the secretary of Business Association of Nagas (BAN) and exuded hope to take forward with the members, in phase-wise manner, financial inclusion and other awareness programmes by February next year.

He appealed to the visitors of the festival to visit their stall and know more about the financial market, investment, and how not to fall prey to fraudulent schemes.