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DIMAPUR— In Nagaland, only 8% of the population is financially literate and the remaining 92% are financially illiterate, while 63% of the Self Help Groups (SHG) do not have individual bank accounts and only 37% of them have their individual bank account.
This was revealed by the Nagaland State Rural Livelihood Mission (NSRLM) state programme manager-financial inclusion (SPM-FI), Rajuselie Lhousa, at the one-day state-level formal launching of the financial literacy campaign under Azadi Ka Amrit Mahotsav (AKAM 2.0) on Friday.
The financial literacy campaign was organised by NSRLM under the Rural Development department at the Tourist Lodge in Dimapur.
Expounding on financial literacy in the state, Lhousa pointed out that the mission staff in the state still lack behind in financial literacy as the subject is much broader than spending, earning, and maintaining finance but also included planning, where to get support and growth.
Although the national programme on financial literacy campaign took off in January and would conclude on or before August 15, Lhousa said Nagaland could not undergo appropriate training on financial literacy because of various reasons.
[bsa_pro_ad_space id=1]"With the government not clear about the financial literacy campaign, we could not take off with the campaign. But with master trainers, the training concluded recently and we are launching the campaign today and another campaign will take place on August 10," he informed.
He also implored the need to bridge the gap between the financially literate and the illiterate with appropriate time available to understand financial literacy.
The assistant general manager of National Bank for Agriculture and Rural Development (NABARD), Yamuna Pai, pointed out that the financial literacy in Nagaland ecosystem was low, especially in the far-flung villages.
'Everybody should take advantage of the service being offered both in banking and technology and creating awareness on banking should be the focus," Pai emphasised.