Chief Minister Digambar Kamat said that Banks motivate and induce common people to save money and earn interest, while speaking at a non-residential Indians meet of the Central Bank of India held at Panjim on Saturday.
Appreciating the bank’s initiative to organize the meet, the chief minister said that banks mobilize small deposits from the public and provide financial resource to big industries. “They perform the major task of capital formation and in this way play a major role in the economic reconstruction of a developing country,” he said.
Digambar Kamat said many people have been duped by some financial institutions in the past on the pretext of doubling their money. He cautioned the people against such fraud financial institutions. However banks, he said, are reliable institutions.
NRI Affairs Commissioner Eduardo Faleiro said that presently 56 per cent of Goan emigrants reside in the Gulf region, 13 per cent in Europe, 11 per cent in South Asia and South East Asia and 11 per cent in North America. Their remittances to Goa are estimated at about Rs 800 crore per year and have a significant impact on our economy. These remittances are sent mostly through banks and to some extent also through postal services, through friends and relatives or when the emigrants visit home. The migrant households, generally, have a higher standard of living and higher level of savings.
Faleiro further said that emigrants on returning to Goa are sometimes interested in starting some self-employment ventures so that they can utilize their skills acquired abroad. Banks should formulate schemes to advise and guide such individuals on how to invest properly and safely and they should also provide finance whenever required for self-employment ventures, he said.