Financial Literacy Week to begin tomorrow; RBI sets consumer protection theme

The Reserve Bank of India has chosen customer protection as theme for the Financial Literacy Week beginning tomorrow. This week long event ending on June 8 will focus on creating awareness among customers of banks about financial products and services, good financial practices and going digital, the RBI said in a statement. The week 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.

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 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, it said.

Bankers, Financial Literacy Counsellors (FLCs) and other stakeholders will participate to create awareness.