The Reserve Bank of India (RBI) has announced a Financial Literacy Ideathon for postgraduate students, currently enrolled in recognised educational institutions.

The students are expected to come up with creative strategies to propagate financial literacy among the youth so as to empower them to engage in responsible financial behaviour and take informed financial decisions.

The central bank, which is observing the Financial Literacy Week (FLW) 2024 from February 26 to March 1, 2024 on the theme “Make a Right Start – Become Financially Smart”, said participants are required to submit the ideation paper on the subject ‘Money Matters for Young Adults: Rethinking Outreach Strategies in up to 2,000 words. ’

“The objective is to increase awareness on the advantages of inculcating financial discipline from an early age with inputs on saving, budgeting, power of compounding, banking essentials and cyber hygiene,” RBI said.

Entries for the Ideathon can be submitted from February 26 - March 20, 2024. Prizes will be awarded to the top three submissions -- first prize: ₹1 lakh; second prize: ₹75,000; and third prize: ₹50,000.

“Participants retain the rights to their submissions, but RBI will have the permission to use their ideas for implementation purposes,” the central bank said.