RBI conducts Financial literacy week from 14-18 FEB

The Reserve bank of India is organizing the Financial Literacy week (FLW) from 14 Feb to 18 Feb. The RBI has organized it since FY 16-17. The central bank conducts this to promote financial literacy on various issues amongst its members and masses. The financial literacy week is based on different themes to make the customer aware of their money, investment, and other financial problems.

The year 2016 focused on KYC themes, Exercising credit discipline, grievance redressal, and going digital. This helped customers to understand and switch to digital payments. The subsequent year it was based on the theme of “consumer protection”. In 2019, RBI had planned the theme around Farmers, wherein it strived to educate farmers on the benefits of being part of a formal banking system. FLW 2020 was based on Micro, Small and Medium Enterprises (MSMEs) in which people were informed about loans, discounted receivables, rehabilitation and time repayment in the MSME sector. The previous year’s theme revolved around teaching the masses about “Credit Discipline and Credit from Formal Institutions”