The Reserve Bank of India (RBI) has been conducting the Financial Literacy Week (FLW) annually to propagate financial education messages on various themes among members of the public across the country.
- The FLW 2022 is conducted from 14th to 18th February 2022.
- The theme of FLW 2022 is “Go Digital, Go Secure”.
This theme is one of the strategic objectives of the National Strategy for Financial Education (NSFE) 2020-2025.
Note: FLW 2021 was observed from 8th February to 12th February 2021.
Background:
i.Reserve Bank of India (RBI) has decided to annually observe one week as “Financial Literacy Week” to create awareness at a large scale on key topics every year.
ii.The first Financial Literacy Week was observed in 2016.
FLW 2022:
i.The Financial Literacy Week is an initiative by RBI to promote awareness on key topics every year through a focused campaign.
ii.The theme of FLW 2022 focus on creating awareness about,
- Convenience of digital transactions
- Security of digital transactions
- Protection to customers
Financial Literacy:
i.Financial Literacy is the first step towards financial prosperity.
ii.Financial literacy empowers the common man with knowledge which enables better financial decision making and ultimately financial well-being.
NSFE 2020-2025:
National Strategy for Financial Education (NSFE) 2020-2025 was prepared by the National Centre for Financial Education (NCFE) in consultation with the four 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)) and other relevant stakeholders.
Vision: A Financially aware and empowered India
Strategic Objectives: To achieve the vision of NSFE (2020-2025), 9 strategic objectives were laid down.
- Inculcate financial literacy concepts among the various sections of the population through financial education to make it an important life skill.
- Encourage active savings behaviour.
- Encourage participation in financial markets to meet financial goals and objectives.
- Develop credit discipline and encourage availing credit from formal financial institutions as per requirement.
- Improve usage of digital financial services in a safe and secure manner.
- Manage risk at various life stages through relevant and suitable insurance cover.
- Plan for old age and retirement through coverage of suitable pension products.
- Knowledge about rights, duties and avenues for grievance redressal.
- Improve research and evaluation methods to assess progress in financial education.
5C approach: To achieve the strategic objectives the document recommends the adoption of Content; Capacity; Community; Communication; and Collaboration.
About Reserve Bank of India (RBI):
Governor– Shaktikanta Das
Deputy Governors– T Rabi Sankar; Mahesh Kumar Jain, Michael Debabrata Patra and M. Rajeshwar Rao
Formation– 1 April 1935
Headquaters– Mumbai, Maharashtra
