MLA and Advisor, Law & Justice and Land Revenue, TN Mannen at the inauguration of the ADC Court branch of Axis Bank in Dimapur on March 25. (Morung Photo)
Morung Express News
Dimapur | March 25
One of the biggest private players in the banking sector in India, Axis Bank has opened its 5th branch in Dimapur. Christened the ADC Court branch, also the 15th branch for Axis in Nagaland, it was inaugurated on March 25 by MLA and Advisor, Law and Justice and Land Revenue, TN Mannen.
Mannen, at the inauguration, emphasised the vital role of banking in modern life and urged the Naga people to embrace financial literacy.
Highlighting the transition from the traditional barter system to the modern banking system, Mannen underscored the importance of banks in managing finances and fostering economic progress.
He noted that the absence of a monetary system in the past, replaced by the barter system, necessitated a shift towards adopting modern banking practices.
“Banking manages our finances and offers assistance in times of need, particularly through loans,” Mannen stated, adding that banks also provide loans without collateral security in some instances.
Sharing his personal experience as an old client of Axis Bank, Mannen shared his observations regarding financial management within the Naga community, who he said has a tendency to keep hard cash rather than investing, he said, "Money doesn't grow when we keep it in our pockets.”
Mannen stressed the need for public awareness regarding the importance of banking, and the need for the people to broaden their focus beyond socio-political issues and embrace financial and economic literacy as well.
