The Reserve Bank of India (RBI) has been successfully tackling the issue of Fear of Missing Out (FOMO) in the financial sector through its initiatives under the Changemakers 2024 program. FOMO refers to the anxiety or apprehension of missing out on potential financial gains, leading to impulsive investment decisions. The RBI has implemented measures to reduce FOMO, such as increasing transparency and disclosure requirements for financial institutions, and promoting financial literacy among citizens.
The RBI has also been working to improve the overall financial ecosystem, making it more inclusive and accessible to all. This includes initiatives such as the Unified Payments Interface (UPI), which has made digital payments more convenient and widespread. Additionally, the RBI has been promoting the use of digital currencies, such as the Central Bank Digital Currency (CBDC), to reduce the risk of financial exclusion.
The Changemakers 2024 program has also focused on empowering women and promoting financial inclusion for marginalized communities. The RBI has been working with financial institutions to provide targeted financial services to these groups, helping to bridge the financial gap and promote economic empowerment. Overall, the RBI’s efforts under Changemakers 2024 have been successful in reducing FOMO and promoting a more stable and inclusive financial system.
Source: https://www.outlookbusiness.com/magazine/changemakers-2024-the-rbi-is-successfully-fighting-fomo