WORKSHOP ON FINANCIAL LITERACY IN THE PG DEPARTMENT OF ECONOMICS IN RAVENSHAW UNIVERSITY, CUTTACK ON 21 AUGUST

AFLC conducted a Workshop on Financial Literacy in the PG Department of Economics in Ravenshaw University, Cuttack on 21 August 2018.

At the outset, Dr Chitta Ranjan Nayak, Asst Professor of the Department welcomed the guests and gave a short introduction of them.  Shri D.Mishra, Managing Partner of AFLC briefly explained the objectives and activities of the entity. He said that financial literacy rate in Odisha at 9 per cent is far below the national average of 23 per cent. He emphasized that financial literacy at the school/ college level can bring transformation in the society and further financial inclusion.

Shri Siladitya Choudhury, former General Manager , RBI explained the Financial Awareness Messaging (FAME) Framework of RBI. He briefly explained the KYC procedure for dealing with banks. He further explained a sound credit culture, credit score concept. Mr Choudhury explained Rule of 72 and its applicability.

Shri G.C. Bisoi , Manager, Office of Banking Ombudsman , Bhubaneswar explained the importance of developing a saving habit from the childhood and place the savings in a bank, regulated by RBI. He then touched upon concept of Compounding of Interest, SACHET package of RBI and cyber risks. He explained the grievance redressal system with the banks and role of Banking Ombudsman in dealing with Complaints in banking system.

Smt Ranu Mishra, Consultant in Payment Systems and former Manager, NPCI explained the Digital Banking and Mobile banking. She explained card infrastructure: credit, debit and Rupay cards. Briefly she touched upon UPI, BHIM and explained how the new products have changed the Payment System scenario in the country.
A Financial Quiz was conducted by Siladitya Choudhury. Popular books on Management were given as prizes to 10 award winners. Around 120 PG students and staff participated in the workshop.
AFLC is thankful to Shri Nirmal Kumar Behera, former Divisional Manager, Canara Bank for the co-ordination work.

It may be recalled that D.Mishra and R.C Das of AFLC called on Dr Prakash C. Sarangi, then Vice Chancellor, Ravenshaw University on 10 February 2017, and discussed about conducting Financial Literacy workshops in the University. It is satisficing that it has materialized coinciding with the  University celebrating 150 years Anniversary.