Odisha CM seeks regulators help for financial literacy in state

Bhubaneswar: Stressing on the need to protect the interest of small investors through financial literacy, Odisha chief minister sought cooperation from regulators, NGOs and professional bodies for spreading the message among the masses.

“I hope at the end of the day long deliberations, various ways and means for ensuring protection of the interest of investors would be found through debate and discussion. The state government has issued instructions to invite RBI representatives, to district level meetings of public representatives for dissemination of financial literacy among masses,” said Naveen Patnaik during a seminar titled ‘Investor Education and Protection for Inclusive Growth’ on Saturday here.

In spite of all the legal and enforcement measures what matters most is financial literacy to make the public aware about safety, liquidity and reasonable return on their investments, the chief minister added.

“Presence of these institutions (scheduled banks) will catalogue in dispensing with financial literacy and the risks involved with the investments. Savings Banks in the post offices should also be strengthened to outreach rural investors,” Patnaik said while suggesting ways to safeguard the depositors’ interest.

Among others SEBI chairman UK Sinha, Institute of Company Secretaries of India president S N Anant Subramanyam and BSE CEO Aswin Kumar Chouwan were present in the meeting.