State Cooperative Bank celebrates ‘financial literacy week’

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Conducts 30 camps on consumer protection, risk aversion, grievance redressal

SRINAGAR: The Jammu and Kashmir State Cooperative Bank celebrated this year’s Financial Literacy Week by organising 30 interactive camps.
The financial Literacy Week, envisioned by Reserve Bank of India, was conducted from 4th June to 8th June 2018. The camps were conducted, mostly in far flung areas, through its NABARD-funded Financial Literacy Centre.
The principal themes covered under the programme were Consumer Protection, Risk vs Return and Grievance Redressal.
A large number of existing as well as walk-in customers attended the said camps.
The participants were informed about their rights as customers, obligations and duty of the bank towards its clientele, risks involved in modern banking practices and how to increase returns on wealth.
Participants were also made aware about the advantages of different digital banking products like RuPay KCC and debit cards, e-commerce, PoS, etc. with live demonstrations. Need for adapting to the cashless transactions like NEFT, RTGS, DBT, Mandates, etc. was also highlighted. Stress was also laid on precautions to be taken to avoid risks involved in digital transactions.
The camps were attended by the Managing Director State Cooperative Bank, M Lateif himself along with officers of the NABARD sub-office, Srinagar, who held thorough interactions with the participants.
The participants raised several queries which were satisfactorily addressed by the bank officers. One issue which was repeatedly raised in most of the sessions was that of the crop insurance scheme. Participants expressed their concern about the implementation of the Pradhan Mantri Fasal Bima Yojana in Jammu division only and demanded that the scheme be implemented in the Kashmir division as well.
While commending the work done by the Financial Literacy Centre of the bank, the Chairman State Cooperative Bank, M S Dar highlighted that the bank has started an aggressive campaign to aware people in general and its clientele in particular about various modes of digital payment systems with stress on risk avoidance. Dar informed that the bank was soon going to roll out a state-of-the-art Mobile ATM Van which will be fully equipped to enable the Financial Literacy Centre to conduct awareness exercises in the farthest places. The van would be particularly used to impart on-spot training to farmers regarding use of RuPay KCC on ATM as well as PoS machines.
While commenting on the success of the awareness campaign, the managing director of the Bank,M Lateif said that there has been an overwhelming response and people are eager to understand the advantages of the digital payment modes even in far flung areas. He stressed that the bank is duty bound not only to provide services to its customers but also to educate them about their rights and to ensure that their interests and assets are well protected.
M Lateif expressed his gratitude towards NABARD officers for making themselves available and sharing their views with the participants.

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