'Financial, digital literacy key for developmentt'

Vijaya Bank deputy general manager Baptist Lobo noted that digital and financial literacy are key for economic development.

Speaking at 'Navodyami Sammelana' convention of micro-entrepreneurs at Deshpande Foundation here on Monday, he stated that financial literacy is less in India, compared to China.

Banking and accounting knowledge is very important for entrepreneurs to succeed, but 76% of our population is unaware of that. India can become a super power if financial and digital literacy rate increases fast, he said.

Micro entrepreneurs and self-help groups are promptly repaying the loan, and they need better encouragement, Lobo added, stressing the need for better women empowerment for better rural development.

Deshpande Foundation founder Gurural Deshpande gave tips to entrepreneurs, asking them to master the art of problem solving.

Andhra Bank zonal manager G S Jayaprakash, UNDP state project officer Jeya Chandran, Deshpande Foundation CEO Vivek Pawar, and Philip Mathew also spoke.

Successful micro-entrepreneurs shared their experience, while an exhibition of their products was also held.