BHUBANESWAR: Common people must be oriented with financial literacy and opt for cashless payment and receipt mechanism as both the Centre and Reserve Bank of India (RBI) are emphasising on ‘less cash’ society, opined the speakers at a seminar on ‘Financial Literacy and Financial Inclusion’ here on Saturday.
Addressing the gathering, former Deputy Governor of RBI HR Khan said as both the Centre and RBI have brought revolutionary changes post-demonetisation, technology has become a game changer in digital banking system in a big way. Digital economy is the need of the hour in the wake of demonetisation of high denomination notes, he added.
The seminar was organised by Odisha Financial Literacy Forum, a wing of Abhyutthana Financial Learning Centre (AFLC).
“Studies are being made by RBI to assess opportunities and risks arising for the financial system from digitisation and use of financial technology, and how these can be utilised for optimising financial product innovation,” Khan said.
Odisha Financial Literacy Forum, a State-level body, engaged in educating people on financial inclusion, organised the seminar to disseminate knowledge on digital banking comprising e-banking, pre-paid instruments, e-wallet, mobile banking, Aadhaar-based payment system and regulatory framework.
Managing partner of AFLC Dasarathi Mishra said as digital banking opened new vistas, cyber security would be a challenge for all stakeholders. The bankers and users need to be sensitised about the digital transactions and the associated risks, he said.
Officials from banks, insurance companies, microfinance institutions (MFIs), MSME sector, banking regulators and students of business schools/universities participated in the seminar.
Among others, Director of Institute for Development and Research in Banking Technology, Hyderabad Dr AS Ramasastri, former principal chief general manager of RBI P Krishnamurthy, Management Expert and Director of Doha Bank Dr KC Mishra, former Executive Director of Nabard SK Mitra and Banking Ombudsman Shreedhar Behera also spoke.