Financial literacy must for better regulation of expenses: RBI officials

Tirupati: Financial literacy is must for everyone particularly the middle class employees for effective management of monetary resources and better regulation of expenses to check any financial problems, said RBI officials Poornima, Subhash and LM Naidu at an awareness programme held for TTD employees as part of RBI's 'Financial Literacy Week', at SVETA here on Wednesday. They observed financial literacy helps a person to take effective decisions regarding management of financial resources and debts.

Poornima, Lead District Officer of RBI from Hyderabad, said every year the RBI observes 'Financial Literacy' programme to educate and bring awareness among the citizens on various aspects including budget, government schemes, banking guidelines and cyber safety methods in on-line banking system. "This year's theme is 'Good Financial Behaviour - Your Saviour' to emphasise on the imperative need of 'Financial Discipline' which will definitely help all of us save from the economic crisis," she asserted.

RBI Tirupati Head Subhash cautioned the employees against dubious financial institutions, cybercrimes and unauthorised private lending agencies which are on the rise and dwelled at length on the precautionary steps to avoid falling prey to them.

Urging the people not to disclose or enclose their passwords and be wary of online games, loan apps etc, he cited numerous cases in which people lost huge amounts and were also forced to pledge even their agricultural land, other assets and investments only to forgo them ultimately.

LM Naidu, another official, explained in detail about the benefits of Central government schemes including Sukanya Samriddhi Yojana meant for girls (upto 21years), Pradhan Mantri Jeevan Jyothi Bima Yojna (PMJJBY) for 18-50years citizens, Pradhan Mantri Vaya Vandana Yojana (PMVVY) for senior citizens in detail. During the interaction session, the employees actively participated to get their doubts cleared. The RBI officials also distributed a T-shirt and a hat that carried the guidelines to every participant. SVETA Director Prasanthi was also present.