‘Odisha Financial Literacy Forum advocates Digital Financial Literacy of Common People’

Bhubaneswar, 21 January 2017: ‘Common people must be oriented with financial literacy and opt for cashless payment and receipt mechanism as both Central Government and Reserve Bank of India are emphasising on ‘less cash’ society. Digital economy is the need of the hour in the wake of demonetisation of high denomination notes on 9th November last year’ opined the speakers in the ‘Seminar on Financial Literacy and Financial Inclusion’ organized by Odisha Financial Literacy Forum, a wing of Abhyutthana Financial Learning Centre here today.

Officials from banks, insurance companies, MFIs, MSME sector, banking regulators, Government and students of business schools/universities participated in the seminar and conversed about the changing scenario focusing on digital financial literacy.

Addressing the gathering Shri H. R. Khan, former Deputy Governor, Reserve Bank of India said, ‘as both the Central Government and Reserve Bank of India have brought revolutionary changes in the payment and receipt system in the country, technology became a game changer in digital banking system in a big way’. ‘Studies are being made by RBI, to assess opportunities and risks arising for the financial system from digitisation and use of financial technology, and how these can be utilised for optimising financial product innovation and delivery to the benefit of users/ customers and other stakeholders’ he added.

Odisha Financial Literacy Forum, a state level body, engaged in educating people on financial inclusion organised the annual seminar, 2nd in its series, to disseminate knowledge on digital banking comprising e-banking, pre paid instruments, e-wallet, mobile banking, Aadhaar-based payment system, regulatory framework etc.

‘As digital banking opens new vistas, cyber security would be a challenge for all stake holders. The bankers and users need to be sensitised about the digital transactions i.e. e-banking and the associated risks including cyber risk’ mentioned Dasarathi Mishra, Managing Partner, AFLC.

Dr. A. S. Ramasastri, Director, Institute for Development and Research in Banking Technology, Hyderabad, Shri P. Krishnamurthy, former PCGM, RBI, Dr. K. C. Mishra, Management Expert and Director of Doha Bank as well as former Vice Chancellor of Sri Sri University, Shri S. K. Mitra, former Executive Director, NABARD, Shri P. K. Panda, Principal, CAB, RBI, Pune, Shri R. N. Dash, former Regional Director, Reserve Bank of India, Hyderabad and Shri Shreedhar Behera, Banking Ombudsman also spoke in the occasion.

The Seminar aimed to dwell upon the financial inclusion initiatives of Government and RBI, emerging dimensions of financial literacy and inclusion by banking and insurance sector, consumer protection and grievance redressal mechanism available to the citizens.