RBI Financial Literacy Week for Nagaland inaugurated

RBI Financial Literacy Week for Nagaland inaugurated

Kohima, February 26 (MExN): The Reserve Bank of India’s Financial Literacy Week 2024 was inaugurated for Nagaland at Hotel de Oriental Grand, Kohima by Paresh Chauhan, General Manager & Officer-in-Charge on February 26. 
The function was attended by CGM & O-i-C, NABARD, Nagaland RO, DGM, SBI, Jorhat, Regional Manager, CRISIL, Guwahati, Branch Managers of banks in Kohima, Principals, Teachers and students of Mt. Olive College and Vinuozo School, Kohima, stated a DIPR report. 
RBI has been observing one week of each year as Financial Literacy Week since 2016 to draw attention to the subject of Financial Literacy. Continuing the focus on students and young adults in its financial literacy outreach, the theme for this year’s Financial Literacy Week, “Make a Right Start: Become Financially Smart” has been envisioned with this target group in mind to empower them to take charge of their financial futures.

Within the theme, focus of the awareness programmes would be centred around three sub-themes which form crucial aspects of financial decision making and engaging in financial transactions:

‘Saving and Power of Compounding’ – which aims to inculcate the understanding that small, consistent savings or investments can grow significantly over time due to the effect of compounding interest;

‘Banking Essentials for Students’ - which is intended to promote awareness on the facility of opening bank accounts for minors and the provision of collateral free education loans uptoRs. 4 lakhs;

‘Digital and Cyber Hygiene’ – which seeks to emphasise the need for following responsible practices while undertaking digital transactions
As part of the Financial Literacy Week activities, banks have been advised to disseminate information and create awareness among their customers and the public on the above theme by displaying content that has been developed by RBI, on their websites, ATMs, mobile applications, and digital display boards deployed in their branches. RBI will also be undertaking a centralized mass media campaign to broadcast essential financial awareness messages on the chosen theme.

RBI Kohima also has planned several outreach programmes targeting student groups and young adults urging all stakeholders to promote the messages of the FL week 2024 as widely as possible, the report added.