Reserve Bank of India (RBI) is annually observing the Financial Literacy Week (FLW) to create awareness about the importance of financial literacy to address demand side barriers and enable customers to make better financial decisions.
The Financial Literacy Week 2023 was observed from 13th to 17th February 2023.
- The FLW 2022 was observed from 14th to 18th February 2022.
The theme of FLW 2023 is “Good Financial Behaviour, Your Saviour”.
- The 2023 theme emphasises on “Saving, planning, and budgeting” and “Prudent use of digital financial services” in line with overall strategic objectives of the National Strategy for Financial Education(NSFE): 2020-2025.
Background:
In April 2017, the Reserve Bank of India (RBI) decided to observe one week in a year as ‘Financial Literacy Week’ to emphasise the importance of financial literacy.
- The Financial Literacy Week 2017 was observed from 5th to 9th June 2017.
Significance of FLW 2023:
FLW 2023 aims to create awareness about financial education messages on relevant themes including “Micro, Small and Medium Enterprises (MSMEs)”, “Credit Discipline and Credit from Formal Institutions” and “Digital Financial Literacy” and others.
Events:
i.Mahesh Kumar Jain(MK Jain), Deputy Governor, RBI, inaugurated the Financial Literacy Week, at the event organised by the Reserve Bank of India, Ahmedabad Regional Office in Rajkot, Gujarat.
- MK Jain also released the Messages and unveiled the Financial Literacy Posters featuring the theme of FLW 2023.
- Key People: Senior officials of other Regulators including National Bank for Agriculture and Rural Development (NABARD) & Small Industries Development Bank of India (SIDBI) and from the State Government attended the function.
ii.RBI has undertaken a centralised mass media campaign during February 2023 to broadcast essential financial awareness messages on the theme.
National Strategy for Financial Education 2020-25:
The National Strategy for Financial Education (NSFE) 2020-2025 was released by the M.K. Jain, Deputy Governor RBI, chairman of the Technical Group on Financial Inclusion and Financial Literacy (TGFIFL) on 20th August 2020.
NSFE 2020-2025 recommends a ‘5 C’ approach for the dissemination of financial education in India.
- 5C approach: To achieve the strategic objectives the document recommends the adoption of Content; Capacity; Community; Communication; and Collaboration.
NSFE 2020-25 was prepared by the National Centre for Financial Education (NCFE) in consultation with all the Financial Sector Regulators (RBI, Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI) and Pension Fund Regulatory and Development Authority (PFRDA)) Department of Financial Services(DFS), Ministry of Finance and other Ministries and other stakeholders under the aegis of TGFIFL.
- NSFE 2020-2025 is the second one after the 2013-18 NSFE.
