Swaminathan J, Deputy Governor of Reserve Bank of India stated that financial literacy is central to supporting the developmental objectives of inclusive growth. By addressing the demand side of financial inclusion, financial literacy enables people to understand the benefits of formal financial products and regulated financial providers as well as to make suitable choices across savings, credit, insurance, pension and remittances. He noted further that Indian economy today is the fastest growing amongst the major economies of the world. However, for this growth to be inclusive, it is imperative that we have a financial system that works for all. This objective stands at the heart of all the efforts being made by the RBI towards financial inclusion.
Enhancing financial literacy in India demands a multi-faceted approach involving collaboration between the government, financial institutions, non-profit organizations, and the private sector. It requires targeted educational programs, awareness campaigns, and innovative solutions that cater to the diverse needs and preferences of different demographic groups. Recognising this, India's National Strategy for Financial Education (NSFE) for the period 2020-2025 has been formulated as a forward-looking framework.
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