Northeast

'Time to heighten financial literacy in the state’

Chinglen Maisnam, a senior associate professor of the Department of Economics, Manipur University stated the need to open more financial institutions that can work with honesty and a sense of providing financial aid rather than just concentrating on earning profits.

ByIFP Bureau

Updated 4 Apr 2022, 4:26 am

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Suggesting the need to heighten the awareness level of financial literacy, Chinglen Maisnam, a senior associate professor of the Department of Economics, Manipur University, stated that financial institutions play a crucial role in addressing the issues of poverty to a great extent. Hence, authorities concerned should take initiative in imparting financial skills effectively, he said.

Addressing the launching of gold loan and microfinance of Pathoibi Housing Finance Company Ltd (PHFCL) on Sunday at Imperial Hall, Hotel Classic Grande, Chinglen said that most people of Manipur have low income but their expenditure is very high. Following this trend for the long run will bring the future of the state at stake, he added.

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Maisnam further said that the setting up of many illegal financial institutions in the state is very unfortunate. With all their false commitment, many people were trapped into trouble by losing their money. The state government should take up this issue seriously like they give attention in controlling drug menace, Chinglen added.

Financial institutions can play a crucial role in waving the issues of poverty in the state had it opened by abiding all norms and rules. There is a need to open more financial institutions that can work sincerely with honesty and a sense of providing financial aid rather than just concentrating on earning profits, he added while stating that viewing the present economically deprived scenario of the state, there is a need of educating about finance, banking and investment.

Presenting his keynote address, chairman and managing director, PHFCL, Thokchom Hemo Singh said that most of the branches of nationalised and scheduled commercial banks are being set up in Manipur. However, people of the state getting financial support without much difficulty is questionable, he expressed.

 

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He further said that PHFCL was set up way back in 2005 with an objective to extend financial help to economically deprived people of the state. But fortunately, as the institution was set up with a strong foundation, PHFCL has become the first housing finance company in north east India. He assured to extend more support in future.

 

Other dignitaries attended in the function were advocate, executive director, Lawyers for Human Rights, Maisnam Korouhanba Luwang; vice president, International Peace and Social Advancement (IPSA), Khuraijam Athouba and resident editor, Huiyen Lanpao, Khaidem Athouba.

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First published:3 Apr 2022, 2:52 pm

Tags:

Chinglen MaisnamPHFCLinancial literacy

IFP Bureau

IFP Bureau

IMPHAL, Manipur

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