Financial Inclusion Through Financial Literacy: Some Recent Initiatives in India

Abstract

Abstract

Financial inclusion basically indicates the availability of banking services at a reasonable cost to the low income and disadvantaged groups. Thus, financial inclusion is having a savings or current account with any bank. Financial inclusion is an essential driver to accomplish financial development. Therefore, for economic development, there should be enough flow of financial and credit facilities. But this is not possible until and unless financial literacy is achieved in this respect. Financial literacy is the key to the development of financial inclusion in India. In this backdrop, the present study is an attempt to examine the financial literacy initiatives that are taken in the Indian context.Financial inclusion is an important step to reduce poverty in India. Despite significant progress made in financial inclusion through the implementation of various financial literacy initiatives, banks are still fighting to fulfill the dream of 100% financial inclusion.To turn the dream of 100% financial inclusion into reality, the rural poor should get basic education from NGOs/SHGs/etc. about the several benefits of financial products and services offered by the banks and post offices. This will go a long way to tap the untapped potential among the rural poor of our country.

Key Words: Financial Inclusion, Financial Literacy, Financial Literacy Centres, National Centre for Financial Education.

Cite this Article

Sudipta Ghosh. Financial Inclusion Through Financial Literacy: Some Recent Initiatives in India. E-Commerce for Future & Trends. 2019; 6(2): 30–33p