Financial literacy workshop at Ravenshaw Collegiate School, Cuttack The alma mater of Netaji Subhas Bose

AFLC had the proud privilege of conducting a workshop on Financial Education in Ravenshaw Collegiate School, Cuttack- the Alma Mater of Netaji Subhas Chandra Bose- on 21 October 2016. The School is the oldest High School of Odisha which was established in 1851 by T E Ravenshaw in the District of Cuttack . Subhas Chandra Bose ( born on 23 January 1897 in Cuttack) was a student in Ravenshaw Collegiate School during 1909-1913, passed his matriculation examination and went to Presidency College, Kolkata for higher studies.

Dr Anusmita Swain, OES, the Head Mistress of the School welcomed the speakers and the students to the workshop. She stressed the need of financial literacy in the society and added that, school children can be the torch bearers in the society to disseminate the financial knowledge gained in the workshop.

Shri Adhar Lal Chand, former Chief Commissioner of Income Tax, and member of AFLC Advisory Board inaugurated the workshop.

Shri D.Mishra, Managing Partner, explained the financial planning, concept of compounding , Rule of 72, basics of finance, banking structure in India, cyber fraud and spoke about the cautions of the Prime Minister and Governor of RBI against spam mails/messages. He explained about the RBI web-site SACHET and its usefulness for all.

Shri SR Das, an experienced central banker gave an overview of the functions of Reserve Bank of India- banker to Government, banker to banks, public debt management, currency management and forex reserve management.

Shri Siladitya Choudhury, a former GM, RBI gave highlights of RBI Act, Monetary Policy of RBI and the Banking Ombudsman scheme, in a nutshell.

Shri Rajen Bose, a former senior official from United Bank of India and an alumnus of the Ravenshaw Collegiate School explained the account opening procedures, KYC norms, functions of banks, loan portfolio of banks and special schemes of the Government.

As a part of the programme, Financial Quiz was conducted by Shri Choudhury. Students enthusiastically participated in the Quiz. Financial Education Series Books published by RBI were distributed to the winners. In all, 229 students and 10 teachers of the school participated in the workshop.

Program at RMD Junior College of Science and Education, Patia, Bhubaneswar: 14 September, 2016

AFLC conducted a workshop on Financial Literacy at RMD Junior College of Science and Education, Patia, Bhubaneswar. Around 140 students of +2 Arts, Commerce and Science attended the program. Prof Trilochan Rath, Principal of the College welcomed the participants and emphasised the need of financial literacy in the society. He appreciated the efforts made by AFLC in this direction.

Shri D.Mishra, Managing Partner AFLC was Chief Guest on the occasion. He explained financial planning, savings, compounding of interest, Rule of 72, banking structure, small finance banks, payment bank, NBFCs, perils of PONZI schemes, RBI web-site “SACHET” (to curb illegal collection of deposits).

Shri Suresh Chandra Rath, former DGM, SBI,  explained various deposit schemes of the banks, KYC procedure, e-KYC, special schemes of the Government, including MUDRA , technology in banking ( ATMs, NEFT, mobile banking).

Shri R.C. Das, former CGM, RBI gave an overview of the currency management, features of bank notes.

A financial quiz was conducted by Shri S C. Rath. Financial Education Series books of Reserve Bank ( Raju and Money Tree, Raju and Magical Goat, Money Kumar) were distributed to the winners.

Prof Prashant Rout, Principal of the RMD Degree College spoke about the impact that the financial literacy can bring in society. He lauded the efforts of AFLC in this direction.

Prof Dillip Kumar Patra, Head of Commerce Department proposed a vote of thanks.

Department of Commerce of the College organized the event under the guidance of Prof Dillip Kumar Patra and Prof (Dr) Sarat Kumar Pani. Shri Govind Chandra Swain, Resource Person of AFLC coordinated for the success of the workshop.

Workshop on Financial Education : Utkal University, Vani Vihar, Bhubaneswar

Centre for the Study of Social Exclusion and Inclusive Policy (CSSEIP), Department of Analytical & Applied Economics, Utkal University, Vani Vihar and Abhyutthana Financial Learning Centre LLP, Bhubaneswar jointly organized a Workshop on Financial Education at PG Council Hall of the University on 30th August 2016. In all, 150 participants attended the programme.

Prof (Dr) Ranjan Bal, Chairman, PG Council in his welcome note emphasised the greater need of financial literacy in the society. He appreciated the efforts made by the AFLC in this direction. He said it is a “dream programme” for the University.

Shri D.Mishra, Managing Partner explained the National Strategy for Financial Education, financial planning at the individual level, basics of finance, banking structure in India, NBFCs, banking regulation, RBI new web-site “SACHET” (to curb illegal collection of deposits).

Shri K.R Das, Former Regional Director, RBI, Hyderabad gave an overview of the currency management, features of bank notes, important points of note refund rule.

Shri Sunanda Mitra, former President, Axis Bank spoke about Inclusive banking, new generation banks, small finance banks, payment banks.

Shri NC Das, former General Manager, Indian Overseas Bank explained the challenges on NPA front , Role of ARCs.

Shri Siladitya Choudhury, former General Manager, RBI explained the Liberalised Remittance Scheme and other miscellaneous remittance schemes of RBI. He explained the perils of the PONZI schemes and cautioned the participants not to be prey to PONZI and Pyramid schemes.

At the end, Dr S.S. Mohanty, Deputy Director CSSEIP and Reader, Department of Analytical and Applied Economics proposed a vote of thanks.


Workshop on Financial Literacy at Koraput

Abhyutthana Financial Learning Centre organized  a  Workshop on Financial Literacy  at  Koraput town in Sadbhabana Hall on July 19, 2016. The participants were  SHG members, RSETI trainees, Odisha Livelihood Mission, NGOs and few bankers. Out of the total of 65 participants, Women participation was an impressive 50.

D.Mishra, managing partner, AFLC welcomed the participants and introduced the guests and speakers. He gave a brief account of the functioning of AFLC. Shri KR Das, former Regional Director, Reserve Bank of India, Hyderabad  presided over the proceedings.

Shri Gadhadhar Parida, former Collector , Koraput  was the Chief Guest. Shri Parida, released the Souvenir 2016 which is a compilation of articles deliberated in “Seminar on Financial Literacy and Financial Inclusion” organized by AFLC   on March 19, 2016 .

Shri G C Mishra, former General Manager , Syndicate Bank and Former State RSETI co-ordinator explained the evolution of  banking in India, present banking structure, basics of banking, banking practice, KYC,  technology in banks , ATM use and rural banking.

Shri KR Das, gave a brief account of the functions of Reserve bank, role of Banking Ombudsman in grievance redressal.  He explained the features of currency notes, how to distinguish genuine notes from counterfeit  notes and  the security aspects of the same.

Shri  Parida spoke about the financial inclusion measures initiated and  steps taken by his administration for  opening of bank accounts by each individual in the district.

Shri Jagannath Behera, from Utkal Grameen Bank  informed about the branch net work  and CD ratio of the district, which is improving steadily.   He explained the government schemes viz. Jan Dhan Yojana and micro-insurance schemes.

Shri KR Das summed up the proceedings  and advised the participants to send their feed-back to improve the program.

Financial Literacy Program in Government College of Engineering, Kendujhar

On September 12, 2015, AFLC conducted a financial literacy program in Government College of Engineering, Kendujhar. The workshop was inaugurated by Dr Trilochan Sahu, Principal, of the college

D. Mishra, MD, AFLC, Trilochan Behera, Asst General Manager , Bank of India, Sudhansu Sekhar Chaulia, Dist Development Manager, NABARD conducted the workshop. Biraja Mishra, Senior Advocate stressed on developing saving habits from an young age and highlighted the need for saving in a safe and regulated institution viz. in banks.

The financial experts explained basics of banking, how to save money, procedure to open accounts in the bank, KYC norms, Financial Inclusion, Pradhan Mantri Jan Dhan Yojana, Atal Pension Yojana, Small Finance banks, Payment Banks, MUDRA Bank, educational loan, micro-insurance schemes, deposit insurance, and role of regulators etc.

In all, 110 students, professors, faculty and other staff participated. Mr. Biraja Mishra  co-ordinated and organised the event successfully.


A Brief of the 3-day MDP on MSME Financing [August 19-21, 2015]

Abhyutthana Financial Learning Centre (AFLC)  in collaboration with Bankers Training Solutions, Kolkata organised a 3-day Management Development Program on MSME Financing for the officials of commercial banks during August 19-21, 2015 at Empires Hotel, Bhubaneswar. In all, 15 officials from seven  banks (Andhra Bank,  Bank of India, Bank of Maharashtra, State Bank of India, Syndicate Bank , UCO Bank,  and DCB Bank Ltd  participated.

The program was inaugurated by  Shri PK. Jena, Regional Director, Reserve Bank of India, Bhubaneswar, who was the Chief Guest and Shri BYV Reddy, Chief General Manager,  State Bank of India,  LHO, Bhubaneswar  was the Guest of Honour.

Shri Jena  in his key note address said  that MSME is a priority area of  Government and RBI. He appreciated the laudable effort by Abhyutthana Financial Learning Centre for conducting such workshops in the state.  Shri Jena said MSME sector needs timely sanction of credit. There is a need to improve the recovery climate in the state as the NPA level of MSME sector is quite high in Odisha.   Referring to a recent Working Group report by RBI  on “ The state of MSME Sector in Odisha: Issues, Challenges and Way Forward”  he mentioned about Single Window System for regulatory clearance for MSME may be covered under Public Service Guarantee Act of the state government.  On  the credit recovery ,  the Odisha Public Demand Recovery Act needs to be re-looked in line with states like Madhya Pradesh and Uttar Pradesh.

Shri  Reddy mentioned that MSME sector needs timely credit to sustain their activity, and banks should not shy away from extending credit. He also stated that as NPA impinges on the health of banks, NPA level must be contained.  Banks should make concerted effort on credit sanction and recovery efforts.

Shri SR Das, former Chief General Manager,  RBI  appreciated the efforts of AFLC in conducting such a relevant program. He suggested more such programs should be organised.

Shri SK Chakraborty , Bankers Training Solutions, Kolkata welcomed the guests and  Shri D.Mishra, Managing Director of AFLC  introduced the guests. In the inaugural session Shri Siladitya Chaudhury, former General Manager, RBI,  Shri Satyabrata Mishra, Asst General Manager ( SME-I), SBI,  Shri Manoj Parida, SME Head, Axis Bank, Bhubaneswar were present.

The programme was conducted by the expert bankers viz Shri S K.Chakraborty, ( EX GM, Allahabad Bank)  and Shri  Vijaya Mehta ( Ex-GM , Bank of India) from Bankers Training Solutions, Kolkata The other speakers were : Shri D . Mishra MD, AFLC,   Suresh Chandra Rath, Ex-DGM, SBI, Manoj Parida, Deputy Vice President ,Axis Bank and Head of SME Centre, Bhubaneswar and Dr. D S Mishra , Asst General Manager , SIDBI MSME International Training Institute  were guest faculties.

The session on Live Case study conducted by Shri Chakraborty, Vijaya Mehta, Surajit Pattanaik,  ex banker ( Syndicate Bank), was lively and evoked a lot of response from the participants.

A panel discussion on ” Financial Inclusion and MSME” was conducted with  Shri Subir Kumar Mitra, Former Eecutive Director, NABARD  chairing  the panel. The other members were: Shri  SR Das, R C Das,  Ex-CGM RBI, M.Soren, GM, NABARD, S Acharya DGM , SIDBI.

Previously AFLC conducted a 2-day  workshop on MSME Financing in April 2015, for RRBs/co-operative banks from Odisha  at SIDBI MSME International Training Institute, Bhubaneswar with 17 participants.

Financial Literacy Camp in K.M. Vidyapith, Salapada on 8 August, 2015

AFLC conducted a financial literacy camp in K.M. Vidyapith, Salapada on August 8 ( Saturday). About 100 students, and 10 teaching staff were present in the camp.

The camp was inaugurated by Advocate Chitta Ranjan Dash, Member of our Advisory Board. D. Mishra, former Chief General Manager, RBI was the chief guest and B.K Mishra, senior banker from a leading private sector bank was the guest of honour. Shri Keshi, Head Master of the school introduced the guests.

The financial experts explained basics of banking, how to save money, procedure to open accounts in the bank, KYC norms, Pradhan Mantri Jan Dhan Yojana, Atal Pension Yojana, micro-insurance schemes, deposit insurance, features of currency notes and role of regulators etc.

A Financial Quiz was conducted at the end of the programme. Financial Education Series books (Raju and Sky Ladder, Raju and Money Tree) published by RBI were distributed to the winners.

Prasanna Dash senior teacher of the school supported by Hrudananda Senapati, Block Co-ordinator, CYSD organised the event.

Financial Literacy Camp at Anandapur College, Odisha on December 6, 2014

AFLC conducted a Financial Literacy Camp at Anandapur College, Odisha on December 6, 2014. Around 135 students and 15 teaching and other staff participated. Mr Adharlal Chand, IRS ( Former Chief Commissioner of Income Tax and ex official in Indian Economic Service ) who hails from Anandapur town was the Chief Guest. In his speech, Mr Chand touched upon Indian economy, growth, inflation in a simple and lucid manner. He impressed on the significance of financial education and its need for all in the society.

Prof B.K. Panda, Principal of the college presided over the meeting. Senior Advocate Chitta Ranjan Dash, Anandapur mentioned about the good work done by ‘Abhyutthana’ in the Anandapur Sub Division. He emphasized that financial literacy has become a need of the hour as many people, particularly poor people from Odisha had lost their hard earned many in the Chit Fund Scam.

Mr D. Mishra, the Managing Partner of AFLC in his presentation explained the formal financial system, financial planning and saving, fundamentals of banking , role of RBI, DICGCI. The posters from Financial Education Series of RBI were well received by the students. Mr Braja Kishore Mishra, Asst Vice President, Axis Bank in his presentation explained the banking structure, use of ATM card, mobile banking, PMJDY, simplified KYC procedure etc. To inculcate moral values among the students, Mr Mishra showed three short video clips which got great applause.

Prof Jagannath Sha, Ex Principal of the college, ( Formerly Reader in Ravenshaw College, Physics Dept- my teacher) (79 years) regaled the audience with his lively speech and nicely linked banking with science on the technology front.

Mr Mishra conducted a financial quiz on the occasion. Important points emerging from the quiz like Banking Ombudsman Scheme, RBI as banking regulator, plastic currency, Ru Pay Card, and SEBI. etc were explained. Financial Education Series comic books of RBI on Raju and Money Kumar viz. ‘Money Kumar and Mudra Niti’ ‘ Raju and Money Tree’ , ‘ Raju and Magical Goat’ were distributed to the 12 winners.

Dr Bijay Ku Kar, Head of Dept, Philosophy proposed vote of thanks.

K.M. Womens’ College and Salapada Upper Primary School – September 13, 2014

Abhyutthana Financial Learning Centre,  set up in February 2014, with an objective  to promote financial literacy and create financial awareness among the school children and common man in the State of Odisha,  conducted  financial literacy camps in K.M. Womens’ College, and Salapada U.P. School, at Salapada, Dist : Keonjhar on September 13,  2014.

A total of 93 students and the teaching staff of Economics Department of the College and 98 students of the school enthusiastically participated. Inaugurating the camp at the college, senior lawyer Chitta Ranjan Dash and Principal Dr SS Giri, stressed the need for financial awareness in the society.

In their address, retired Chief General Manager, RBI, Dasarathi Mishra, FLC Cousellor, Bank of India, Nimai Ch Ray and Asst Vice President, Axis Bank Braja Kishore Mishra, explained eloquently the saving habits,  basic banking,  Pradhan Mantri Jan Dhan Yojana, RBI initiative on financial inclusion,  procedure to open no-frills accounts, operation of ATMs, use of credit and debit cards, etc. Quiz programs covering basics of banking and economy were also conducted on the occasion. Financial Education series comic books published by RBI were distributed to the students. Prof. Mrs Mohanty of the college proposed a vote of thanks.