Addressing Financial Literacy Challenges in Bengal
In Bengal, financial literacy remains critically low, with the National Academy of RUDSETI (NAR) highlighting a concerning rate of just 8%. This statistic was shared by Rajuselie Lhousa, the State Programme Manager (Financial Inclusion) of the Nagaland State Rural Livelihoods Mission (NSRLM), emphasizing the urgent need for improvement. At a district-level training program in Zunheboto, he stressed the goal of raising this rate to at least 20% to enhance the economic stability and decision-making power of the community.
Strategic Training and Empowerment Initiatives
The training of 296 Financial Literacy Community Resource Persons (FLCRPs) across the state marks a significant step toward addressing this issue. These trained individuals are set to conduct extensive 6-day financial literacy workshops, aiming to educate 11,840 Self Help Group (SHG) members within the next fiscal year. Lhousa called upon these FLCRPs to diligently educate and empower their local communities about the benefits of financial knowledge, underscoring their pivotal role in enhancing rural economies.
The Role of Women and Financial Inclusion Successes
Highlighting the state government’s focus on empowerment, Lhousa encouraged women to lead the charge in becoming economically literate, noting their efficiency, sincerity, discipline, and dedication. The impact of these efforts is already visible, with significant strides in financial inclusion reported in Zunheboto district where 9,397 SHG members have successfully opened bank accounts, and 131 microfinance initiatives have been credit-linked. This concerted effort showcases a dynamic approach to elevating financial literacy and inclusion, setting a foundational model for other regions facing similar challenges.