RBI official warns people of dangers in taking loans from private lenders

Shillong, Feb 12: P. Gangte, General Manager and Officer-in-Charge, RBI, Shillong on Friday encouraged the people to avail the different loan schemes offered by the various banks and financial institutions.

Delivering a keynote address during the one day Field Level Financial Literacy Event on the theme, “Credit Discipline and Credit from Formal Institutions” organised by the Reserve Bank of India (RBI) at Mawkdok village, East Khasi Hills, Gangte warned the participants of the dangers in taking loans from private money lenders.

He said that the money lenders loans out money at interest rates which are extremely high as compared to the interest rates offered by banks.

Highlighting on the theme of the programme, he said that for people to achieve credit discipline they need to follow three important rules – To Be Smart – to take loans only from formal institutions like Banks and registered Finance Institutions regulated by RBI, to Be Wise – to borrow only as much as the ability to repay and to Be Responsible – to ensure that EMIs and dues are paid on time, thereby building a good credit history and credit score with Banks.

A. S. Mukhim, SDO, Sohra Civil Sub Division stressed on the importance for the people of the area to open bank accounts.

He highlighted the various advantages for which a bank account can benefit the people especially when it comes to government schemes.

He gave the example of MGNREGS for which a bank account ensures and facilitates transparency and the smooth transition of funds into individual accounts.

Mukhim also urged the people present to actively participate and learn from the programme, absorbing the knowledge being imparted from the presentations given by the Resource Persons from RBI and to further carry the valuable knowledge obtained from the programme and in turn, further educate their fellow neighbours and friends who were unable to attend the function.

During the programme, the officials from RBI, Shillong gave presentations to the people of the area on various aspects of digital banking such as the various alternative modes of payment like mobile wallets, internet banking, UPI, USSD.

Further, the participants were cautioned against the various scams and fictitious offers received via SMS, E-mails, Telephone Calls, Social Networking sites etc.

They were also briefed on the procedure for lodging grievances under the Banking Ombudsman Scheme 2006, the Ombudsman Scheme for Non-Banking Financial Companies, 2018, the Ombudsman Scheme for Digital Transactions, 2019 and the Complaint Management System (CMS) of RBI.

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