The theme for this year’s Financial Literacy Week (FLW) of the Reserve Bank of India (RBI) from February 13 to 17, 2023, is “Good Financial Behaviour—Your Saviour”, a week-long programme to educate people on the importance of financial awareness and well-being.
RBI has been organising the programme every year since 2016, aimed at creating awareness among people “about savings, planning and budgeting, and prudent use of digital financial services”.
The bank said this year’s theme “aligns with the overall strategic objectives of the National Strategy for Financial Education: 2020-2025”, which aims to build financial resilience and well-being.
As part of the drive, RBI will conduct a mass media campaign to disseminate financial awareness messages. It has also roped in banks to educate their customers about financial literacy.
Last year, FLW was observed from February 14-18 with the theme “Go Digital, Go Secure”. It aimed to create awareness of safe and secure digital transactions, mainly focusing on ease, removing the fear of digital transactions, and protecting customers.
Each year, RBI comes up with a different theme. For instance, in 2021, it was “Credit Discipline and Credit from Formal Institutions”; in 2020, the theme was “Micro, Small and Medium Enterprises”; and in 2019, it was focused on “Farmers”, while in 2018, it focused on “Consumer Protection”.
The National Strategy for Financial Education 2020-2025 involves the “5Cs” approach for disseminating financial education: curriculum in schools and colleges; capacity of intermediaries providing financial services; community-led model for financial literacy; and enhancing collaboration among stakeholders.
The central bank noted that India’s financial inclusion is “poised to grow exponentially, with digital-savvy millennials joining the workforce, social media blurring the urban-rural divide, and technology shaping policy interventions”.
It said there is a need for a greater focus on credit penetration, investment, insurance, and pension products by addressing demand-side constraints with enhanced customer protection.
