RBI launches Financial Literacy Week

* JKBOSE introduces Financial Education in schools: Mathew

Excelsior Correspondent
JAMMU, June 4: Reserve Bank of India, J&K region today launched   Financial Literacy Week-2018 under the theme “Customer Protection” in presence of heads of various banks in the region,  besides Chairman/ CEO of the J&K Bank,  Parvez Ahmed.
Regional Director RBI, Thomas Mathew, General Manager RBI Ashok Kumar Mattu, Chairman & CEO J&K Bank Parvez Ahmad, DGM NABARD Geeta Singh, P Shimrah Banking Ombudsman for J&K, Manoj Mehrotra, General Manager SBI, SK Rana Circle Head PNB besides other senior officers of RBI, Grameen Bank  and other banks were present on the occasion.

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While launching the campaign Regional Director, RBI,  Mathew said  that to fulfill the objective of financial literacy for financial inclusion, ” this year year, we have selected the themes of KYC (Know Your Customer), exercising credit discipline, grievance redressal and going digital as part of the financial literacy week.”
He further said that RBI will be piloting an initiative where non-governmental organisations will be collaborating with banks to extend outreach through innovative and participatory methods at the block level. He further said that customer protection as theme for the Financial Literacy Week- 2018 will focus on creating awareness among customers about financial products and services, good financial practices and going digital.
The consumers will be  made aware that in case of unauthorized digital transaction, if bank is informed within three 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, he said.
Mathew further  said that as a part of continuing efforts to educate students, JKBOSE has included Financial Education in their curricula for the students from Class VI to Class X. He stated that Financial Education would go a long way in augmenting awareness level of the people and rudder them away from informal financial sector towards formal financial system for their financial needs. Keeping in mind, the broad objectives of the Financial Education, the RBI had designed content for specific target groups like students, SHGs, senior citizens, farmers and entrepreneurs to cater their specific requirements, he said.
Ashok K Mattu, General Manager, RBI, Jammu said that the theme was chosen with the intention of creating awareness among the consumers of financial services, about their rights, responsibilities, good practices and resolution mechanism in a fast changing digital financial landscape. He said that the Financial Literacy seeks to bridge the gap arising out of information asymmetry i.e. gap between what was known and what needed or should be known in respect of various available financial services/ products or facilities etc. commensurate with the need, capacity,  scale, and circumstances etc. of a citizen for his financial well-being. He said the activities during the week would involve display of financial literacy material in bank branches, ATMs and bank websites and financial literacy camps would be organized through the Financial Literacy Centres of banks.
Parvez Ahmad, Chairman  and CEO of J&K Bank,  said that with a vast network of over 780 branches, over 1100 ATMs, 1200 BCs, the bank in the State were poised to carry the messages being communicated to the masses during this week. He appreciated the efforts of the RBI in the transformation of the financial landscape of the country by focusing on Financial Inclusion and Financial Literacy. He said that as the convener of the JK State Level Bankers Committee (SLBC), the banks in the State contributed a lot in the efforts of Financial Inclusion and thereby economic prosperity of the State.   He assured full cooperation from his bank for this campaign.