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Mahesh

14/02/23 08:15 AM IST

RBI’s Financial Literacy Week

In News
  • Financial Literacy Week is celebrated between February 13 and February 17.
About Financial Literacy Week
  • 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.
  • 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.
Need for Financial Literacy
  • In India, only 27% of adults are financially literate. Financial literacy is completely different from literacy.
  • Though the literacy levels of the country are increasing; there is no significant increase in the financial literacy levels.
  • Understanding financial concepts and using the money earned efficiently is financial literacy.
Source- Financial Express

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