The RBI started the financial literacy programme this year on 5th June. Financial literacy, according to RBI, is the first step towards financial prosperity. Financial literacy helps address demand side barriers as this makes customers informed and enables better financial decision making and ultimately financial wellbeing.
The RBI drives its financial literacy efforts through the financial intermediaries. Banks will set up financial literacy centres to focus their financial awareness efforts and the rural branches of banks will also conduct programmes to create awareness. In order to create awareness at a large scale on key topics every year, it has been decided to observe one week in a year as financial literacy week. The idea is to focus certain key messages across all available channels with the intention of reaching out to the masses. Prof. Amiya Kumar Bagchi spoke on the occasion.