Many surveys on the status of financial literacy in India reveal that about a staggering 76% of Indian adults do not understand basic financial concepts. These surveys confirm the financial literacy rate in India has been consistently poor as compared to the rest of the world.
Financial Literacy Week is an initiative by RBI to promote awareness of key topics every year through a focused campaign. With a view to propagate financial education messages on a particular theme across the country, Reserve Bank of India (RBI) has been conducting Financial Literacy Week (FLW) every year since 2016. FLW 2018 focused on the theme “Consumer Protection” with an aim to create financial awareness among bank customers about financial products and services, good financial practices and digitization. The FLW 2019 focused on the theme “Farmers” which propagated how farmers benefit by being a part of the formal banking system.
The theme selected for current year FLW is “Micro, Small and Medium Enterprises (MSMEs),” which will be observed from February 10 to February 14, 2020. The RBI communiqué said “This time focus will be on creating awareness about aspects relating to formalisation, collateral-free loan, discounting of receivables, rehabilitation of stressed units and timely repayment. Banks have been advised to disseminate the information and create awareness among its customers and the general public. Further, RBI will undertake a centralized mass media campaign during the month of February 2020 to broadcast essential financial awareness messages to MSME Entrepreneurs”.