Know Your Customer Current Affairs - 2019
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Reserve Bank of India is conducting Financial Literacy Week from June 4 on the theme ‘Customer Protection’. The week-long event is to focus on creating awareness among customers of banks. According to RBI, the event will emphasise on awareness about different financial products, services, digital applications and good financial practices.
About Financial Literacy Week
- RBI had introduced financial literacy week in 2016 to create a large scale awareness on key topics. Non-Governmental Organisations collaborate with banks and made this initiative successful in the past two years. Last year’s theme of the week was, ‘Know Your Customer’.
- The focus of this year is consumer protection messages like, Know your liability. The customers will be educated upon the safe digital banking practices. RBI underlines that, in cases of unauthorised electronic banking transactions when informed in 3 days, the liability of account holder is zero.
- RBI says that resolution of such transactions will be the responsibility of the concerned bank. The bank should resolve the issue as soon as possible within 90 days from the day of receipt of the complaint. Other focus point of financial Literacy week includes, creating awareness about Banking Ombudsman Scheme of RBI.
Bankers, Financial Literacy Counsellors and other stake holders will be the major participants in the event.