Current Affairs

Financial Literacy Week Begins with ‘Customer Protection’ Theme

Reserve Bank of India launched Financial Literacy Week on June 4 with ‘Customer Protection" as the theme. The event which will conclude on June 8 will aim at creating awareness among customers of banks about financial products and services.

Four Consumer Protection Messages 

1. Know your Liability for unauthorized electronic banking transaction
2. Banking Ombudsman
3. Good practices for a safe digital banking experience
4. Risk Vs Return.

Aim

  • Creating awareness among customers of banks about financial products and services, good financial practices and going digital
  • Focusing on four consumer protection messages like 'know your liability' for unauthorised electronic banking transaction
  • Teaching good practices for a safe digital banking experience.

Role of Banks

  • The banks are directed to spread awareness among their customers using banners and posters that in case of an unauthorised digital transaction if a bank is informed within 3 days, the liability of the account holder is zero.
  • Resolution of a complaint is to be done by the bank concerned within a period not exceeding 90 days from the date of receipt of the complaint, it said.
  • Banks must create awareness about Banking Ombudsman scheme of the RBI
  • Bankers, Financial Literacy Counsellors (FLCs) and other stakeholders will participate to create awareness

Other Highlights

FAME BOOK

A booklet called FAME (Financial Awareness Messages) was released that offers basic financial literacy messages for the information of general public. It contains eleven institution/product neutral financial awareness messages, such as, documents to be submitted while opening a bank account (KYC), importance of budgeting, saving and responsible borrowing, maintaining a good credit score by repaying loans on time, banking at doorstep or at vicinity, knowing how to lodge complaints at the bank and the Banking Ombudsman, usage of electronic remittances, investing money only in registered entities, etc.

Financial Literacy Content 

The RBI has developed tailored financial literacy content for five target groups' viz. Farmers, Small entrepreneurs, School children, Self Help Groups and Senior Citizens that can be used by the trainers in financial literacy programmes.

Audio Visual Aids

Audio visuals have been designed for the benefit of general public on topics relating to Financial Literacy. These Audio visuals are on "Basic Financial Literacy", "Unified Payments Interface" and "Going Digital".

Posters

Two posters - UPI (Unified Payment Interface) and *99# (Unstructured Supplementary Service Data) - explained these new concepts in digital payments space.

Expected Questions

What is the theme of Reserve Bank of India's Financial Awareness Week?
a. Know About Banking Ombudsman Scheme
b. Digital Literacy
c. Customer Protection
d. Going Digital
e. Other than the above

Which of the following is not among the four Consumer Protection Messages of RBI's Financial Awareness Week 2018?
a. Banking Ombudsman 
b. Good practices for a safe digital banking experience 
c. Risk Vs Return. 
d. Know your Liability for unauthorized electronic banking transaction 
e. Digital Literacy

RBI's Financial Literacy Week is observed from
a. 1 June to 7 June
b. 4 June to 8 June
c. 4 June to 10 June
d. 6 June to 12 June
e. 7 June to 14 June
Financial Literacy Week Begins with ‘Customer Protection’ Theme Financial Literacy Week Begins with ‘Customer Protection’ Theme Reviewed by insiya yadav on June 06, 2018 Rating: 5

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