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June 04, 2018

RBI observing Financial Literacy Week 2018

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The Reserve Bank of India (RBI) is observing Financial Literacy Week 2018 from today (4th June 2018) to 8th June 2018. This initiative will focus on creating awareness among customers of banks about financial products and services, good financial practices and going digital.

Theme of RBI's Financial Literacy Week 2018 : "Customer Protection"

The week will focus on 4 consumer protection messages. They are :
  1. Know your Liability for unauthorized electronic banking transaction
  2. Banking Ombudsman
  3. Good practices for a safe digital banking experience
  4. Risk Vs Return
Customers will be told through banners and posters that in case of unauthorised digital transaction if bank is informed within 3 days, the liability of the account holder is zero. The RBI has also developed tailored financial literacy content for five target groups' viz. Farmers, Small entrepreneurs, School children, Self Help Groups and Senior Citizens.

Bankers, Financial Literacy Counsellors (FLCs) and other stakeholders will participate in Financial Literacy Week to create awareness. Banks have also been asked to also create awareness about Banking Ombudsman scheme of the Reserve Bank.

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