Overview
The Reserve Bank of India (RBI) has introduced a Financial Literacy Ideathon targeting postgraduate students currently enrolled in recognized educational institutions. This initiative is part of the Financial Literacy Week (FLW) 2024, slated from 26th February to 1st March 2024, under the banner “Make a Right Start – Become Financially Smart”. The theme aims at educating young adults about financial smartness.
Financial Literacy Week: A Primer
Initiated in 2016, the Financial Literacy Week is an annual event by the RBI to enhance financial literacy. The campaign focuses on fundamental financial concepts including saving, budgeting, understanding the power of compounding, banking basics, and maintaining cyber hygiene.
Ideathon Details
The Ideathon encourages the submission of papers on “Money Matters for Young Adults: Rethinking Outreach Strategies”. The challenge is open from 26th February to 20th March 2024 and seeks creative strategies to promote financial literacy among the youth. Entrants are to submit their ideas in a paper up to 2000 words.
Prizes and Intellectual Property
- 1st Prize: Rs 1 Lakh
- 2nd Prize: Rs 75,000
- 3rd Prize: Rs 50,000
Participants will retain the rights to their ideas, while the RBI reserves the right to use the submissions for implementation purposes.
RBI and Financial Education
The RBI’s financial literacy initiatives include:
- RBI Website: Offers resources in various languages, featuring comics, films, games, and details on the Banking Ombudsman Scheme.
- National Centre for Financial Education (NCFE): Provides basic financial education and content creation to boost literacy.
- National Strategy on Financial Education (NSFE-2025): Aims to extend financial literacy across India through collaborations with regulators and stakeholders.
About RBI
- Governor: Shaktikanta Das
- Deputy Governors: Swaminathan Janakiraman, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
- Established: 1st April 1935
- Headquarters: Mumbai, Maharashtra
This initiative not only fosters innovation and idea exchange among young scholars but also aligns with the RBI’s broader goal of making financial literacy a national priority.
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