Financial inclusion and literacy should go hand-in-hand

With less than half of India’s 1.2 billion-strong population having access to organized financial services, the urgency in implementing financial inclusion activities begs no second-thoughts. However, the push of financial inclusion activities (increasing availability of financial services infrastructure) alone is not enough to bring more people under the fold. Financial literacy programmes need to go hand-in-hand with financial inclusion initiatives to create the pull for accessing formal channels of finance. Further, these programmes need to be tailored to take into account the demographic profile and regional differences of the target population for a stronger impact......

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