RBI launches 'financial literacy week' on consumer protection in J&K

The Reserve Bank of India (RBI) today launched "financial literacy week" based on theme of consumer protection in Jammu and Kashmir with an aim for good practices for safe digital banking experience.

"We have launched financial literacy week from today with the theme of consumer protection from today. It will start from June 4 to 8", Regional Director Thomas Matthew told reporters here today.

He said that it will focus on four consumer protection messages like 'know your liability' for unauthorised electronic banking transaction and good practices for a safe digital banking experience.

Flanked by CEO and Chairman Parvez Ahmed, RBI regional director said that the financial literacy week will undertake activities involving display of financial literacy material in bank branches, ATMs and bank websites and conduct of financial literacy camps through the Financial Literacy Centres of banks.

The week will focus on creating awareness among customers of banks about financial products and services, good financial practices and going digital, he said.

The week will focus on four consumer protection messages like 'customer liability-unauthorised electronic banking transaction', 'risk vs return', 'know our liability', 'good practices for a safe digital banking experience' and unauthorised electronic banking transaction and good practices for a safe digital banking experience, he added.

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 a period not exceeding 90 days from the date of receipt of the complaint, it said.

Besides, banks have been asked to also create awareness about banking ombudsman scheme of the RBI, he said.

Bankers, Financial Literacy Counsellors (FLCs) and other stakeholders today participated to create awareness.

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

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, they said.

The focus during the financial literacy week will be on four related themes, for which content has been developed by the RBI, officials said.

Know your liability for unauthorized electronic banking transaction, banking Ombudsman an easy mechanism for complaints redressal, good practices for a safe digital banking experience and risk and return the right mix will be the key areas for creating awareness.

He said the activities during the week will involve display of financial literacy material in bank branches, ATMs and bank websites and conduct of financial literacy camps through the Financial Literacy Centres of banks.