RBI Financial Literacy Week 2024 for Nagaland underway

Kohima, 26 February (MTNews): The Reserve Bank of India’s Financial Literacy Week 2024 was inaugurated for Nagaland at Hotel de Oriental Grand, Kohima, by Paresh Chauhan, General Manager & Officer-in-Charge on 26 February. The function was attended by CGM & O-i-C, NABARD, Nagaland RO, DGM, SBI, Jorhat, Regional Manager, CRISIL, Guwahati, Branch Managers of banks in Kohima, Principals, Teachers, and students of Mt. Olive College and Vinuozo School, Kohima.

The Reserve Bank has been observing one week of each year as Financial Literacy Week since 2016 to draw attention to the subject of Financial Literacy. Continuing the focus on students and young adults in its financial literacy outreach, the theme for this year’s Financial Literacy Week, “Make a Right Start: Become Financially Smart,” has been envisioned with this target group in mind to empower them to take charge of their financial futures.

Within the theme, the focus of the awareness programs would be centered around three sub-themes that form crucial aspects of financial decision-making and engaging in financial transactions:
‘Saving and Power of Compounding’ – aiming to inculcate the understanding that small, consistent savings or investments can grow significantly over time due to the effect of compounding interest; ‘Banking Essentials for Students’ – intended to promote awareness of the facility of opening bank accounts for minors and the provision of collateral-free education loans up to Rs. 4 lakhs;
‘Digital and Cyber Hygiene’ – seeking to emphasize 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 create awareness among their customers and the public on the above theme by displaying content that has been developed by RBI on their websites, ATMs, mobile applications, and digital display boards deployed in their branches. RBI will also be undertaking a centralized mass media campaign to broadcast essential financial awareness messages on the chosen theme.

RBI Kohima has also planned several outreach programs targeting student groups and young adults, urging all stakeholders to promote the messages of the FL Week 2024 as widely as possible.