Financial literacy

Supreme Court Justice Advocates for Financial Literacy in Rural Areas

High costs and low profitability have resulted in fluctuating incomes for poor and marginalized sections of society, Supreme Court Justice S Abdul Nazeer said on Friday.

He was delivering the Founders’ Day Lecture on “Constitutional Philosophy and Banking” at Karnataka Bank’s Founders’ Day celebrations held at its head office.

He said banking is the lifeline of the modern economy. The concept of banking existed in ancient India as early as 2000 BCE to 1400 BCE during the Vedic period.

“Kautilya’s ‘Arthashastra’ is a magnum opus on the Indian economy,” Judge S Abdul Nazeer added.

Between 1970 and 1980, 70% of rural credit was under the control of “Sahukars”, who were non-institutional lenders. The exorbitant interest rates on loans obtained from these lenders have proven to be deadly traps for borrowers. But, institutional money lending changed the scenario, he said.

He praised the banks for bringing financial stability among the rural masses towards realizing Mahatma Gandhiji’s dream of ‘Grama Swarajya’ and realizing the goal of ensuring quality of life.

He said the Constitution is not just a collection of laws. It is the foundation of fundamental social values. Laws and societal values ​​go hand in hand. Fundamental rights, fundamental duties and guiding principles of state policy are the three main elements of the Indian Constitution.

Justice Abdul Nazeer expressed concern about the tendency of citizens to forget basic duties while claiming only basic rights.

Karnataka Bank Chairman P Pradeep Kumar said the bank had achieved a target of 63% net banking.

The managing director and CEO of the bank, Mahabaleshwara M, said Karnataka Bank had set a new benchmark by receiving ISO certification for risk management. In association with SBI, co-branded credit cards of one lakh were disbursed to beneficiaries.

As the bank will complete 100 years in one year, work on the bank’s 100-year-old building is ongoing, he added.

Commitment letters were delivered to Dr. Padmanabha Kamath, Managing Director, Cardiology at Door Steps (CAD) Foundation, Ramana Annavarapu, IIMPACT Board Member, Gurugram, Haryana and Shivaram Pakkala, Trustee, Aila Shree Durgaparameshwari Temple, Kerala, in as part of the CSR Initiatives bank.

Judge Abdul Nazeer was congratulated on this occasion. Sameera Abdul Nazeer and Justice Bank Manager AV Chandrashekar were present.

A Carnatic flute concert by Heramb and Hemanth took place. The artists were accompanied respectively by Vittal Rangan, Patri Satish Kumar and Dr S Karthick on violin, mridangam and ghatam.