KATHMANDU, May 8: Nepal Republic Media has initiated 'Nagarik Chautari', a discussion program with various stakeholders on various issues including financial literacy. The first edition of Nagarik Chautari  was organized on Tuesday with enthusiastic participation from the general public in Banepa, Kavre. Financial literacy was the theme of the inaugural program of Nagarik Chautari.

In the program, Baldev Thapa, marketing officer of Jyoti Bikas Bank, said that financial literacy is crucial for elevating both the nation and its people out of poverty. He stated that financial literacy has recently emerged as a fundamental need for the general public for poverty alleviation.

"Neither businessmen nor banks are inherently malicious; everyone is striving to survive. Thus, there's no need for mistrust. We are all in this together for our sustenance," he said. Highlighting that Jyoti Bikas Bank extends services across 124 locations in 44 districts nationwide, including Kathmandu, he said, “Financial literacy is necessary among the literate and younger generations. Teachers must provide early education on savings. Financial literacy encompasses a broad spectrum of crucial skills related to earning, spending, and saving money, which is crucial for every kind of individual.”

Thapa further pointed out that the lack of financial literacy often leads to business failures and emphasized the role of financial literacy in facilitating informed decision-making and fostering prosperity.

In a parallel session, Roshan Thapa, chief risk officer of Jyoti Bikas Bank, emphasized the bank's pivotal role in promoting financial literacy. He stated, “There is a need for comprehensive financial literacy programs starting from the student level. Thapa advocated incorporating topics such as savings, digital banking awareness, and cybersecurity into school curriculums to enhance financial literacy among students, enabling them to educate themselves and their parents.”

He said that the bank should take proactive steps by incorporating subjects such as savings, financial literacy programs, digital banking awareness, and cybersecurity into school curriculums starting from the first grade, to enhance financial literacy among students.

Similarly, Subas Nepal, head of the Card and Digital Banking Department at Jyoti Bikas Bank, emphasized that financial literacy transcends mere savings. He elaborated, "In today's digital age, financial literacy includes knowledge about digital banking and cybersecurity alongside traditional saving practices." He further said, “It is important to raise public awareness about digital financial crimes and money laundering prevention; financial literacy extends beyond basic savings practices.”

"With an increasing number of rural residents accessing financial services from home, there's a pressing need to enhance awareness about the associated risks. Financial literacy is a must for urban households, small business proprietors, and rural consumers alike. As Nepal recognizes the significance of financial literacy, it is crucial to educate citizens on sound business practices," he said.

 
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