The Maharashtra CM promised to engage with organistions like Moneylife Foundation to address citizen’s issues
Devendra Fadnavis, the chief minister of Maharashtra, while speaking at Moneylife Foundation’s 5th anniversary, said, financial literacy would help people to understand risk and returns better, thus saving them from being duped.
Addressing a crowd of over 650 prominent citizens, businessmen, bankers, management students, activists and whistle-blowers, the chief minister (CM) said, “Financial inclusiveness requires financial literacy. People are always in need of an instrument for saving. However, most of the time, they do not look at the ‘scheme’ or who and why it is offering such high return. People do not even look at similar instruments in the market. We get attracted to higher interest rates without checking the credentials of the offering party, and, several times, this ends in severe losses for investors.”
“एक आदमी था वह सौ का माल पचास में बेचकर लखपती बन गया. िकसीने पूछा ये कैसे हुआ? तो बोले, पहले वह करोड़पती था! (There was a man who became millionaire by selling an item worth Rs100 at Rs50. Someone asked, ‘how is this possible’? He was billionaire before!!),” the CM said in a lighter vein, warning investors to be aware about the fact that nobody is in the market to give ‘fancy or sky-high returns’.
The CM flagged online economic offences as the biggest emerging challenge for the government. He explained how one of the provisions in the Information Technology (IT) Act has been hampering a fast probe in such crimes. Mr Fadnavis said that the IT Act mandates that complaints must be registered and probed by an officer who is not less than a police inspector (PI) in rank. However, most PIs, having joined the police force before the IT Act came into effect or the big spread of technology, are not tech-savvy. On the other hand, several police sub-inspectors (PSIs) have sound knowledge and know how to use technology for investigations.
Mr Fadnavis said, “We have requested the Centre to make suitable amendments in the IT Act to allow officers of PSI rank to register and probe online frauds.”
The CM delighted Moneylife Foundation members when he said, “Our government would like to work with institutions like Moneylife Foundation to make people financially literate. In addition, based on the ground-level inputs from such institutions, we would also like make policies for investors. This will help people understand the difference between gain and loss on their investment.”
Moneylife Foundation’s 5th anniversary event was attended by a wide cross-section of activists and NGOs representing diverse interests—from civic issues, to banking, environment, transport, noise pollution, railways, senior citizens’ groups and even the Forum of Free Enterprise. When the CM agreed to a brief interaction, Sailesh Mishra, from the Silver Innings Foundation, led a team of the joint advisory committee of senior citizens organisations and submitted a memorandum to the CM on issues faced by seniors.
Right to Information (RTI) activist and former central information commissioner, Shailesh Gandhi and Ashok Ravat, honorary secretary of All India Bank Depositors’ Association (AIBDA) asked questions about the Right to Services Act.