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What is the primary objective of the 'Financial Literacy Week' organized annually by the Reserve Bank of India?
To increase foreign direct investment
To promote awareness on financial products and services
To regulate stock market trading
To provide direct subsidies to farmers
To promote awareness on financial products and services
Financial Literacy Week is an annual initiative led by the Reserve Bank of India to propagate financial education among citizens on specific themes. The program aims to create awareness about financial products, services, digital transactions, and consumer protection to foster a financially resilient society.
Financial Literacy Week is an annual initiative led by the Reserve Bank of India to propagate financial education among citizens on specific themes. The program aims to create awareness about financial products, services, digital transactions, and consumer protection to foster a financially resilient society.
The Reserve Bank of India was established on April 1, 1935, under the Reserve Bank of India Act, 1934, based on the recommendations of the Hilton Young Commission.
It is an annual event organized by the RBI since 2016.
The initiative focuses on specific themes like MSMEs, Credit Discipline, Digital Banking, and Consumer Protection.
It supports the National Strategy for Financial Education (NSFE) framework.
RBI utilizes posters, brochures, and media campaigns to reach the unbanked and rural population.
Financial literacy is defined as the ability to understand and use various financial skills, including personal financial management, budgeting, and investing.
The RBI maintains a dedicated 'Financial Education' portal to provide educational content for all age groups.
Option A is incorrect as FDI is managed by the Ministry of Commerce and Industry and RBI's FEMA regulations, not via literacy weeks.
Option C is incorrect as stock market regulation is the primary function of the Securities and Exchange Board of India (SEBI).
Option D is incorrect as agricultural subsidies are managed through government schemes under the Ministry of Agriculture and Farmers Welfare.
B is correct тАФ Financial Literacy Week serves to propagate information regarding financial products, banking services, and digital security to the general public.
Connect this to the 'Pradhan Mantri Jan Dhan Yojana' (PMJDY), as both share the goal of achieving universal financial inclusion and banking access in India.