Reserve Bank of India Observes Financial Literacy Week 2024

The Reserve Bank of India (RBI) is promoting financial literacy among young adults through their annual Financial Literacy Week (FLW) campaign, held from February 26 to March 1, 2024. This year’s theme, “Make a Right Start – Become Financially Smart,” with emphasis on “Saving and Power of Compounding”, “Banking Essentials for Students” and “Digital and Cyber Hygiene” which aligns with overall strategic objectives of the National Strategy for Financial Education: 2020-2025. The theme for this year is targeted towards young adults, mainly students. The objective is to increase awareness on the advantages of inculcating discipline from an early age.

Key Highlights of FLW 2024

• Target Audience: Young adults, mainly students
• Objective: Increase awareness about the importance of financial discipline, saving, budgeting, the power of compounding, banking essentials, and cyber safety.
• Initiative: Financial Literacy Ideathon – encouraging postgraduate students to develop innovative strategies for promoting financial literacy among youth.

Benefits of Financial Literacy

• On the occasion, Reserve Bank of India, Ahmedabad Regional Office (ARO) organised the inaugural function of FLW at RBI, ARO wherein Shri Ashok Parikh, General Manager (Officer-In-Charge), inaugurated the Financial Literacy Week, released the Messages and unveiled the Financial Literacy Posters carrying the theme of FLW 2024 in the presence of RBI Officials, NABARD, SLBC, UTLBC and senior bankers of the state. Addressing the gathering, Shri Parikh urged all the stakeholders to promote the messages of the FL Week 2024 as widely as possible.
• Banks have been advised to disseminate information and create awareness among the masses during the week on the above theme by displaying posters that have been developed by RBI on their websites, ATMs, mobile applications, and digital display boards deployed in their branches.
• Further, as part of FLW campaign of 2024, RBI is pleased to announce a Financial Literacy Ideathon, which is aimed at soliciting innovative ideas from postgraduate students, on creative strategies to propagate financial literacy among the youth so as to empower them to engage in responsible financial behaviour and take informed financial decisions.

Participating in FLW 2024

While the Ideathon is specifically for postgraduate students, there are many resources available online and through the RBI to help everyone improve their financial literacy. You can visit the RBI website or search for “https://www.rbi.org.in/financialeducation/” to learn more.

By participating in FLW 2024 and taking steps to improve your financial literacy, you can empower yourself to make informed financial decisions and achieve your financial goals.

Important takeaways for all Competitive Exams

• RBI Founded: 1 April 1935, Kolkata;
• RBI Governor: Shaktikanta Das, IAS (retd.);
• RBI Headquarters: Mumbai, Maharashtra, India.