Financial Literacy helps surmount economic distress : Governor Shukla

A State Level “All India Quiz Competition on Financial Literacy” was organized at the historic Gaiety Theater here today under the aegis of Reserve Bank of India with Governor, Shiv Pratap Shukla as Chief Guest.

The Governor said that being financially literate allows an individual to be better prepared for specific financial roadblocks, which, in turn, decreases the chances of personal economic distress. Financial literacy is a key life skill as it lays a foundation for understanding the concepts of earning, saving, spending, investing and crediting which in turn leads to developing ability in sound decision making about finances for overall financial well-being. He said that financial literacy works to protect against online fraud through a secure banking system.

He said that inculcating money saving habits in children from a young age would help them grow into financially responsible adults. “A financially literate person is able to differentiate between needs and wants”, he added and said that the person recognizes his priorities and understands the importance of saving for tough times and making thoughtful financial decisions. He congratulated the winning team for the regional and national rounds and urged them to adopt an approach to contribute towards building a financially inclusive society and encouraged them to promote financial literacy in Himachal Pradesh.

The Governor expressed contentment over the extraordinary knowledge displayed by the students of the State during the quiz competition. He congratulated all the participants for their hard work and dedication and said that the students would act as ambassadors to spread the message of financial inclusion to the masses.

Sh. Shukla also appreciated the Reserve Bank of India for taking innovative measures to bring all sections under the ambit of the formal banking system. He said that this would make the citizens self-reliant and financially strong and determined.

He presented trophies and mementos to the winners and other top performing teams.

The Governor also released a booklet ‘Satark Parivar’ based on financial awareness on the occasion.

Regional Director, Reserve Bank of India, R.S. Amar welcomed the Governor.

Banking Ombudsman, Reserve Bank of India, Shiv Kumar Yadav, Deputy General Manager, Pitambar Agarwal, Chief General Manager, NABARD, Ajay Sood, senior bank officials from the State and other prominent persons were also present on the occasion.

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