STATE TIMES NEWS
JAMMU: Regional Director, Reserve Bank of India, Jammu and Kashmir, N.K Sahu inaugurated the Financial Literacy Week here on Monday.
Speaking on the occasion, Sahu said that financial literacy 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. Customers who demand information play an important role in ensuring transparency of financial institutions and this transparency in the market encourages institutions to compete on the basis of better products and services and at lower cost,” he said.
“The objectives of financial education are broadly classified into active saving and borrowing, financial planning, consumer protection and going digital,” he stated.
In order to create awareness, it has been decided to observe financial literacy week on yearly basis and the idea is to focus certain key messages across all available channels with the intention of reaching out to the masses.
“This year bank has selected the themes of KYC, Exercising Credit Discipline, Grievance Redressal and Going Digital in line with the prevailing economic environment.
The messages will be communicated through posters in bank branches, ATMs and websites of banks. The messages have been selected from a common man’s perspective and the ultimate goal of creating awareness on these themes is consistent with the broad objective of improving financial behaviour of people which will ultimately result in meaningful financial inclusion,” he added.
“Besides this, RBI is also putting in place a structured training programme for the Financial Literacy Centre Counsellors and rural branch managers on the core competencies of financial literacy. RBI is also coming up with target specific financial literacy content for different target groups like farmers, small entrepreneurs, school children, SHGs and senior citizens,” he asserted.
