Lack of financial literacy reason for cybercrimes

Rajamahendravaram: General Manager of the Reserve Bank of India RK Mahana stated that everyone needs financial literacy. An awareness and training programme on financial literacy was conducted for Self Help Groups (SHG) women under the auspices of RBI and DRDA in Rajahmundry. Mahana said that these special training classes are being conducted to provide minimum awareness to everyone in society.

Women should have minimum knowledge about financial literacy and also sensitise society, he said. Central and State governments are implementing many welfare schemes and contributing to the economic development of women.

DRDA Project Director Murthy urged the women of SHGs to take advantage of the loans taken from the bank to increase their income. He suggested they get incentives by repaying the loans on time as per the guidelines set by the government.

RBI AGM Purnima said that many are losing money in cybercrimes due to a lack of knowledge about financial matters. Unfortunately, even educated people and high-ranking employees are falling into the trap of cybercriminals, she said.

PINs for bank accounts, ATMs, and OTP (one-time password) received on the phone should not be disclosed to anyone. She advised them to take proper precautions to avoid falling into the trap of cybercriminals.

She advised that Aadhaar details should not be shared with everyone. It is necessary to install the M Aadhar app on mobile and take precautions while taking fingerprints at ration depots and land registration offices.

DRDA project director Murthy was made aware of the procedures for granting loans for the establishment of micro, small, and medium enterprises.