RBI observes Financial Literacy Week in Gangtok

GANGTOK,: The inaugural ceremony of Financial Literacy Week 2026, being observed by Reserve Bank of India from February 9 to 13 on the theme “KYC – Your First Step to Safe Banking”, was held today at a local hotel in Gangtok.  

C.S. Rao, additional chief secretary, Tourism department, was present as the chief guest.

In his keynote address, Rao stated that Financial Literacy Week was conceptualised in 2016 and reiterated the importance of the 'Jan Dhan Yojana' launched by Prime Minister Narendra Modi in 2014 to ensure universal access to banking services, financial literacy, and access to credit, insurance and pensions. He informed that 18 crore bank accounts were opened within a year of its launch. He observed that the rural population in the State remains hesitant to avail loans but the trend is expected to improve with increased financial awareness, informs a press release.

He explained the importance of Know Your Customer (KYC) as a security measure to prevent fraudulent activities and informed that high risk accounts require KYC updates once in two years, medium risk accounts once in eight years, and low risk accounts once in ten years. He stated that absence of KYC complicates beneficiary verification as government benefits are digitally transferred. He added that Self Help Groups assist citizens unfamiliar with digital transactions and informed that bank branches in the State have increased from 79 in 2010 to over 200 at present. He encouraged awareness on asset growth through mutual funds, stock market investment and financial literacy.

RBI regional director Thotngam Jamang, in his address, stated that Financial Literacy Week has been observed annually since 2016 and emphasised the theme promoting safe banking practices. He highlighted the importance of re KYC in preventing misuse of accounts such as money mule accounts facilitating laundering. Stressing financial literacy among senior citizens, he urged bankers to remain vigilant regarding unusual fund movements and cautioned against fly by night operators. He concluded by urging banks to ensure a safe banking environment in the State.

The event witnessed the flagging off of the Financial Literacy Week awareness van covering all six districts of the State. Informative videos and a podcast on KYC were screened and posters carrying financial education material were unveiled. Bankers from nine banks operating in the State were felicitated for their outreach initiatives. The session concluded with a play highlighting the importance of financial literacy.

Among those present were State Finance secretary cum controller of accounts M.C.P Pradhan, IPR secretary Annapurna Alley, Panchayati Raj secretary Dushyant Pariyar, Animal Husbandry principal director cum secretary Dr Sharman Rai, Fisheries principal director K.K Shrestha, Finance director Mahendra Pradhan, registrar of cooperative societies K.P Sharma, RBI general manager Goda Ravishankar, general manager Rodney Christopher Valentine, senior officers, bank officials, students and stakeholders.