RBI to Observe Financial Literacy Week During Feb 14-18

The Union Budget for 2022-23 emphasized the importance of education and the many government efforts aimed at improving the country’s educational sector.

The Budget envisaged the establishment of different worldwide institutions and colleges in GIFT City (Gujarat), which would improve the financial education system and propel it forward. This project represents the start of a huge financial sector reform, with more learning opportunities for the country.

Financial literacy is a major program in the country aimed at educating the general public about the new digital era. The main goal is to enable the country to become more digitally literate and to recognize the value of financial education.

Since 2016, the RBI has held Financial Literacy Week (FLW) every year to spread financial education messaging on a variety of topics to the general population across the country. The Central bank organizes this event in order to raise public awareness about various concerns concerning banking services.

The previous year’s theme for Financial Literacy Week, which took place from February 8 to 12, 2021, was “Credit Discipline and Credit from Formal Institutions.”

The theme focused on a) responsible borrowing; b) borrowing from formal institutions; and c) timely repayments, which was one of the strategic objectives of the National Strategy for Financial Education 2020-2025. The banks used the initiative to raise awareness of various sorts of credit or loan facilities, including as house loans, business loans, auto loans, and the Kisan Credit Card, among others.

Previously, the week had been devoted to ‘Micro, Small, and Medium Enterprises.’ The event was held in the year 2020 to create public knowledge regarding formalization, discounting of receivables, and rehabilitation of stressed units, collateral-free loans, and timely loan repayment. A month-long centralized mass media campaign was also organized.

In 2019, it was centered on farmers, whereas in 2018, it was focused on ‘Consumer Protection.’

In this year 2022, the Reserve Bank of India has declared February 14 to February 18 as ‘Financial Literacy Week’. The theme of this year’s Financial Literacy Week, according to reports, is ‘Go Digital, Go Secure.’ The Reserve Bank of India is observing a special week to promote financial literacy among Indian residents.

The National Strategy for Financial Education 2020-2025 has this theme as one of its strategic objectives.

The RBI said in a statement that the focus will be on raising awareness regarding (a) the convenience of digital transactions,

(b) the security of digital transactions, and

(c) customer protection.

The Reserve Bank of India has asked all banks to disseminate the information and raise awareness about the celebration among their clients and the general public. During this month, the central bank will also run a broad media campaign to spread important financial literacy lessons to the general population.

Throughout the week, similar events will be held across the country. On the selected subjects, all banks and financial literacy centers will also hold special financial literacy workshops.