State joins nationwide observance of Financial Literacy Week 2023

SHILLONG, Feb 13: The Financial Literacy Week, which has been conducted by the Reserve Bank of India (RBI) since 2016 to propagate financial education, was on Monday inaugurated in Meghalaya.
Thematised on ‘Good Financial Behaviour, Your Saviour’, which emphasises ‘Saving, Planning and Budgeting’ and ‘Prudent Use of Digital Financial Services’, the week-long observance will end on February 17.
The Financial Literacy Week was inaugurated here on Monday by Commissioner & Secretary of Finance department Dr. Vijay Kumar D, in the presence of government officials and bankers from the state.
During the programme, financial awareness-related contents, in the form of posters and audio visuals, were also unveiled during the event.
In his address, Dr. Vijay Kumar D appreciated the initiative of the RBI in promoting financial literacy in Meghalaya, and urged the bankers to spread awareness on the benefits of availing credit facilities and likely increase in the income levels.
He also highlighted the measures undertaken by the state government in promoting KCC loans, wherein full interest subvention is available to the borrowers.
General Manager (O-i-C), RBI Shillong, Olden Nongpluh, on the other hand, said that the foundation of sound financial behaviour rests on planning of finances, preparing personal budgets which enables better financial decisions and prepares for unforeseen contingencies and emergencies.
He also shed light on the increased use of the digital financial services and emphasised that though digital financial services are convenient and time saving, the same is to be used prudently to prevent scams, frauds etc.
The representatives from National Centre for Financial Education (NCFE) and National Payments Corporation of India (NPCI), on the other hand, apprised the audience of various developments in the unfolding of Financial Literacy and Digital Banking areas.
“RBI has also launched the Centre for Financial Literacy (CFL) project in Meghalaya and two NGOs namely KKSCO and Bakdil were shortlisted for opening of CFLs in Khasi-Jaintia and Garo regions respectively. The representative from these NGOs apprised the house of the CFL project, which is envisaged to cover 50 per cent of the villages in Meghalaya with an objective of improving financial education, enhanced coverage under social security schemes and increasing availability of banking products,” the statement said.
It may be mentioned that the RBI Shillong, as part of the Financial Literacy Week, would disseminate information and create awareness among various bank customers and public through a series of financial literacy camps, TV ads, posters, hoardings etc.
RBI Shillong has also planned to conduct extensive financial literacy camps across all the districts of Meghalaya during the week-long observance.