The Reserve Bank of India (RBI) observes Financial Literacy Week(FLW) annually since 2016 to promote & spread awareness about financial education messages on a particular theme through a focused campaign across India. FLW 2021 is being celebrated from February 8 to 12. The 5 day event was launched by Ajay Kumar, Regional Director, RBI.
Theme of FLW 2021– Credit Discipline and Credit from Formal Institutions
About Theme 2021:
The theme selected for 2021 is one of the strategic objectives of the National Strategy for Financial Education(NSFE) 2020-2025.
The messages spread during the week focuses on the following:
- Responsible borrowing;
- Borrowing from formal institutions
- Timely repayments.
Gist about FLW 2021:
i.RBI has asked all the banks to spread the information and create awareness among its customers and general public.
ii.During February 2021, the central bank will also commence a centralized mass media campaign to broadcast necessary financial awareness messages to the general public.
What is the NSFE 2020-2025?
i.It has been prepared by the National Centre for Financial Education (NCFE) in consultation with all the Financial Sector Regulators, namely RBI, Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI) and Pension Fund Regulatory and Development Authority (PFRDA).
ii.It also got consultation from Department of Financial Services (DFS) and other Ministries of Govt. of India under the aegis of the Technical Group on Financial Inclusion and Financial Literacy (TGFIFL) chaired by Deputy Governor, RBI.
5 C Approach
The strategy recommends the ‘5 C’ approach to disseminate financial education in the country.
5 C– Content, Capacity, Community, Communication and Collaboration.
About Reserve Bank of India (RBI):
Formation– 1 April 1935
Governor– Shaktikanta Das
Headquarters– Mumbai, Maharashtra
Deputy Governors– 4 (Bibhu Prasad Kanungo, Mahesh Kumar Jain, Michael Debabrata Patra, and M Rajeswar Rao)