RBI organises ‘Financial Literacy Week’

Jun 5, 2018 08:25 IST
RBI organises Financial Literacy Week

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

Theme: The theme of the literacy week this year is ‘Customer Protection’.


The main aim behind the initiative is to create financial awareness among bank customers about financial products and services, good financial practices and digitisation.

Key Highlights

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

Further, the resolution of the complaint is to be done by the bank concerned within a period not exceeding 90 days from the date of receipt of the complaint.

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

The week will see participation from bankers, financial literacy counsellors (FLCs) and other stakeholders to create awareness regarding the same.

Other Details

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.

About RBI’s Banking Ombudsman scheme

• The scheme is a mechanism created by the RBI to address the complaints raised by bank customers. It is run by the RBI directly to ensure customer protection in the banking industry.

• According to RBI, the scheme enables an expeditious and inexpensive forum to bank customers for resolution of complaints relating to certain services rendered by banks.

• The Banking Ombudsman Scheme was introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995. The present Ombudsman scheme was introduced in 2006.

• The Banking Ombudsman is a senior official appointed by the Reserve Bank of India. He has the responsibility to redress customer complaints against deficiency in certain banking services. At present fifteen Ombudsmen were appointed by the RBI to settle complaints and they are appointed in state capitals.

• All Scheduled Commercial Banks, Regional Rural Banks and Scheduled Primary Co-operative Banks are covered under the scheme.


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Quick Digest

Who: RBI

What: Organises ‘Financial Literacy Week'

When: June 4-8

Is this article important for exams ? Yes1 Person Agreed

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