Financial literacy refers to skills and knowledge with regard to finance
to make informed choices to manage resources and income. Basically it’s
the capacity to have a solid financial plan. Most surveys show that financial literacy is still poor in India. Over two-thirds of the population, is not
financially literate, i.e., people lack financial planning basics. The
Standard & Poor survey from 2014 found that over 76 percent of
adults in India didn’t comprehend financial planning basics.
Financial Inclusion and
Education are two important elements in the Reserve Bank
of India's developmental
role. Towards this, it has created critical volume of literature
and has uploaded on its
website in 13 languages for banks and other stakeholders
to download and use. The aim
of this initiative is to create awareness about financial
products and services, good
financial practices, going digital and consumer protection. The Financial Literacy Week is an initiative by RBI to promote awareness on key topics every year through a focused campaign. Financial Literacy Week 2020 will be observed from February
10-14, 2020 on the theme of "Micro, Small and Medium Enterprises
(MSMEs)".
The messages disseminated during the week will focus on Collateral
Free Loans (poster) (Video),
Trade Receivables Discounting System (TReDs) (poster) (Video),
Formalisation (poster) (Video) and
Timely Repayment of Loans (poster) (Video).
The promotional material has been uploaded in the 'Downloads' tab under the heading "Financial Literacy Week 2020"
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