.......... I would share my perspective on the necessity for promoting financial literacy as a policy tool, its centrality to ensuring inclusive growth and the initiatives we have taken in India for promoting financial literacy. But before I venture any further, let me quickly state what is meant by ‘Financial Literacy’. I quite like the definition given by the INFE researchers, Atkinson and Messy, who describe it as “a combination of financial awareness, knowledge, skills, attitude and behaviours necessary to make sound financial decisions and ultimately achieve individual financial wellbeing.” Thus, an absence of financial literacy can lead individuals to make poor financial decisions that can have adverse effects on their financial well being..............
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What a beautiful theory? Who stops creating employment opportunities? Those occupying positions can talk and send messages. The job is well done, but who is to implement and follow it up? Financial inclusion is there for the past ten years or so and what is the position now? What is the remedial action from the authorities? Banks are elusive in entertaining people of small means is a ground reality and even people with all documents as per the KYC norms prescribed are driven away by bankers to open the accounts. Let those occupying positions approach banks and attempt themselves without revealing their identity, then they will know the practical difficulties ordinary mortals encounter on a day to day basis. Financial inclusion is an excellent business opportunity to create business for banks and employment for many but this does not happen for reasons best known to authorities.
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