Financial Literacy Week (FLW) 2024

The Reserve Bank of India, India’s Central bank, is observing the Financial Literacy Week (FLW) 2024 from February 26 to March 1, 2024 on the theme “Make a Right Start – Become Financially Smart”.

Objective

Financial Inclusion and Education are two important elements in the Reserve Bank of India’s developmental role. It has created critical volume of literature and has uploaded on its website in 13 languages for banks and other stakeholders to download and use. The aim of this initiative is to create awareness about financial products and services, good financial practices, going digital and consumer protection.

Financial Literacy Ideathon

The Reserve Bank of India (RBI) has announced a Financial Literacy Ideathon for postgraduate students, currently enrolled in recognised educational institutions.
The students are expected to come up with creative strategies to propagate financial literacy among the youth so as to empower them to engage in responsible financial behaviour and take informed financial decisions.  Participants are required to submit the ideation paper on the subject ‘Money Matters for Young Adults: Rethinking Outreach Strategies”.

Objective of Ideathon

The objective is to increase awareness on the advantages of inculcating financial discipline from an early age with inputs on saving, budgeting, power of compounding, banking essentials and cyber hygiene.

Prizes will be awarded to the top three submissions namely ₹1 lakh for the first prize,  ₹75,000 for the second prize and ₹50,000 for the third prize.

RBI’s Financial Literacy Initiatives

RBI Website: The RBI website hosts a microsite on Financial Education in English, Hindi, and 11 vernacular languages, offering comic books, films, messages on financial planning, and games etc. It also provides access to the Banking Ombudsman Scheme.
National Centre for Financial Education (NCFE): It has been set up by all the Financial Sector Regulators as a Section (8) company under Companies Act, 2013 to undertake basic financial education programmes and to develop suitable content for increasing financial literacy among the masses in the country.

2023 Edition

The theme for 2023’s Financial Literacy Week observed during February 13 – 17, 2023 is “Good Financial Behaviour, Your Saviour”, with emphasis on “Saving, planning, and budgeting” and “Prudent use of digital financial services” which aligns with overall strategic objectives of the National Strategy for Financial Education: 2020-2025.

Category: Economy & Banking Current Affairs