RBI’s financial literacy week underway in Kohima

DIMAPUR — Paresh Chauhan, general manager and officer-in-charge of the Reserve Bank of India (RBI), inaugurated the RBI’s financial literacy week on Monday at the Hotel de Oriental Grand in Kohima.

The event was attended by the chief general manager and officer-in-charge of NABARD Nagaland Regional Office, the deputy general manager of the State Bank of India, Jorhat, the regional manager of CRISIL Guwahati, branch managers of banks in Kohima, as well as principals, teachers, and students from Mt. Olive College and Vinuozo School Kohima, as reported by DIPR.

Since 2016, the RBI has designated one week of the year as financial literacy week to draw attention to the subject of financial literacy. Continuing the focus on students and young adults, the theme for this year’s financial literacy week, ‘Make a right start: Become financially smart’ has been designed.

Within the theme, the focus of the awareness programmes would be centred around three sub-themes that are critical aspects of financial decision making and engaging in financial transactions:

‘Saving and the power of compounding’ aims to instill the understanding that small, consistent savings or investments can grow significantly over time due to the effect of compound interest.

‘Banking essentials for students’ aims to raise awareness about opening bank accounts for minors and the availability of collateral-free education loans of up to INR 4 lakh.

‘Digital and cyber hygiene’ seeks to emphasise the need for following responsible practices while undertaking digital transactions.

As part of the financial literacy week activities, banks have been advised to disseminate information and raise awareness among their customers and the general public about the theme by displaying RBI-developed content on their websites, ATMs, mobile applications, and digital display boards installed in their branches.

The RBI will also launch a centralised mass media campaign to broadcast important financial awareness messages on the chosen theme.

RBI Kohima has also planned several outreach programmes aimed at student groups and young adults.