RBI launches Financial Literacy Week, focus on consumer protection

NEW DELHI: The Reserve Bank of India today launched Financial Literacy Week across the country with customer protection as its main theme.

The event will focus on creating awareness among customers of banks about financial products and services, good financial practices and going digital, RBI Regional Director E E Karthak told reporters here.

It will give out four consumer protection messages including 'know your liability' for unauthorised electronic banking transaction and good practices for a safe digital banking experience.


Among various messages, customers will be told through banners and posters that in case of unauthorised digital transaction if bank is informed within 3 days, the liability of the account holder is zero.

Resolution of complaint is to be done by the bank concerned within period not exceeding 90 days from the date of receipt of the complaint.

Besides, Karthak said, banks have been asked to also create awareness about Banking Ombudsman scheme of the RBI.

Bankers, Financial Literacy Counsellors (FLCs) and other stakeholders will participate to create awareness.

The Reserve Bank of India has since 2017 earmarked one week in a year as the financial literacy week.

Last year, the focus was promotion of digital transaction, Karthak said, adding that this year RBI is promoting digital transaction with focus on protection.

It will also create awareness among the consumers of financial services about their rights, responsibilities, good practices and resolution mechanism in a fast changing digital financial landscape, he added.