CURRENT AFFAIRS

Detailed explanation-1: -The Financial Literacy Week is an initiative of RBI to promote awareness on key topics every year through a focused campaign. Financial Literacy Week 2019 will be observed from June 3-7 on the theme of “Farmers” and how they benefit by being a part of the formal banking system.

Detailed explanation-2: -Financial Literacy Week 2022 The theme selected for current year FLW is “Go Digital, Go Secure” which will be observed between February 14-18, 2022. This theme is one of the strategic objectives of the National Strategy for Financial Education 2020-2025.

Detailed explanation-3: -Farmers with a landholding of more than 1 hectare and up to 2 hectares are considered as Small Farmers. Landless agricultural labourers, tenant farmers, oral lessees and share-croppers, whose share of landholding is within the limits prescribed for small and marginal farmers.

Detailed explanation-4: -Genesis. The Reserve Bank of India (RBI) set up the Agricultural Refinance Corporation (ARC) in 1963 to work as a refinancing agency in providing medium-term and long-term agricultural credit to support investment credit needs for agricultural development.

Detailed explanation-5: -RBI has a separate for agricultural credit. According to section 54 of the RBI act, it is required to set up a separate agricultural credit department. The department initiates different measures to development a healthy ruler credit structure and provided guidance to state government and cooperative credit structure.