June 05, 2018

RBI’s Financial Literacy Week commences; sets consumer protection theme

Reserve Bank of India

The Reserve Bank of India (RBI) is organising ‘Financial Literacy Week’ across the nation from June 4 to June 8, 2018.

It has chosen Customer Protection as the theme for the ‘Financial Literacy Week’. This event will primarily focus on creating awareness among customers of banks about financial products and services, good financial practices and also about going digital, the RBI said in a statement.

"We have launched financial literacy week from today with the theme of consumer protection from today. It will start from June 4 to 8", Regional Director Thomas Matthew said.

“The Financial Literacy Week will undertake activities involving display of financial literacy material in bank branches, ATMs and bank websites and conduct of financial literacy camps through the Financial Literacy Centres of banks,” he added.

The week will focus on four consumer protection messages like 'know your liability' for unauthorised electronic banking transaction and good practices for a safe digital banking experience.

Among various highlights, customers will be told that in case of unauthorised digital transaction if bank is informed within 3 days, the liability of the account holder is zero. It will be done through banners and posters.

Resolution of complaint is to be done by the bank concerned within period not exceeding 90 days from the date of receipt of the complaint, it said.

Moreover, banks have been asked to also create awareness about Banking Ombudsman scheme of the RBI, it added.

Bankers, Financial Literacy Counsellors (FLCs) and other stakeholders will take part to create awareness.

To accelerate the level of outreach of the initiative, RBI has devised a pilot project for financial literacy in 80 blocks of 9 states, in which 6 NGOs have registered themselves in Depositor education and awareness fund.

RBI has also signed a pact with 10 banks to provide financial education. The target groups of this initiative will be farmers, industrialists, school students, senior citizens and self- help groups.

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