Reserve Bank of India (RBI) has been conducting Financial Literacy Week (FLW) every year since 2016 to propagate financial education messages on a particular theme across the country.
Accordingly, the theme selected for current year FLW is “Credit Discipline and Credit from Formal Institutions” which will be observed from February 8-12, 2021.
By the way this theme is one of the strategic objectives of the National Strategy for Financial Education 2020-2025. The theme is aimed to focus on following three things
a) Responsible borrowing
- Use the loan amount for the purpose for which it has been taken
- Monitor your dues and make timely repayments
b) Borrowing from formal institutions
- Banks and registered finance companies are regulated by RBI
- Grievance Redressal in case of non-adherence to fair practices
c) Timely repayments
- Repay on time and build a good credit history
- Honour your commitment and build trust with your lending institution
Further, RBI advised Banks to disseminate the information and create awareness among its customers and general public. Above all, RBI will undertake a centralized mass media campaign during the month of February 2021 to broadcast essential financial awareness messages to general public.
Borrowing from formal institutions