Patna: The Bihar government and the Securities and Exchange Board of India (SEBI) are planning a statewide campaign to promote financial literacy, encourage safe investment practices and protect citizens from cyber-financial fraud.
A high-level review meeting chaired by Bihar Chief Secretary Pratyaya Amrit on Friday brought together senior officials from various state government departments to discuss the proposed initiative.
Amrit said Bihar’s per capita income had been improving consistently, with the state’s growth rate exceeding the national average. However, participation in mutual funds and the securities market remained below the national average, highlighting the need to increase financial awareness.
He directed the relevant departments to prepare a detailed roadmap for implementing the campaign. The initiative will initially be launched in collaboration with Jeevika self-help groups, followed by a second phase involving the training of probationary officers in Bihar.
SEBI Campaign To Reach Rural And Urban Communities
The meeting discussed implementing SEBI’s national-level ‘Samajh Se Investing Simple’ campaign under Project Jagruk at the grassroots level in Bihar.
SEBI and its partner institutions, including SMPs and the National Institute of Securities Markets (NISM), will provide training frameworks and educational materials in Hindi without financial cost to the state government, according to the proposal presented at the meeting.
Two separate strategies will guide the campaign, focusing on rural outreach and informed investing in urban areas.
In rural areas, awareness programmes will target farmers, young people and women through Gram Panchayats, self-help groups, Jeevika Didis and rural markets, known as haats.
The sessions will cover how to identify fraudulent schemes promising to double investments, follow safe Know Your Customer (KYC) practices and report suspected financial fraud.
In urban areas, workshops are planned at colleges, universities and workplaces in cities including Patna, Gaya, Muzaffarpur and Bhagalpur. The programme will also cover universities under the MUST initiative.
Young people and working professionals will be made aware of the risks associated with fraudulent trading applications and misleading investment advice circulated on social media, including recommendations from financial influencers.
Focus On Rising Cyber-Financial Fraud
The meeting also highlighted concerns over the rise in cyber-financial fraud cases nationally and in Bihar.
Data presented during the meeting cited National Crime Records Bureau figures for 2024, indicating that fraud was the primary motive behind most cybercrime cases in the state.
The proposed campaign aims to familiarise citizens with SEBI’s grievance redressal portal and other official channels for reporting complaints and seeking assistance.
The initiative is intended to improve citizens’ ability to make informed investment decisions, recognise fraudulent financial offers and access appropriate mechanisms when they encounter suspected scams.
