Welcome address by Dr K C Chakrabarty, Deputy Governor of the Reserve Bank of India, at the India-OECD-World Bank Regional Conference on “Financial education”, New Delhi, 4 March 2013
......Over the past few years, particularly in the aftermath of the global financial crisis, the importance of Financial Education and Financial Literacy has come to be widely acknowledged. This recognition has led countries to initiate programmes to disseminate financial literacy among its citizens. As the OECD’s definition of financial literacy indicates, it is “a combination of financial awareness, knowledge, skills, attitude and behaviours necessary to make sound financial decisions and ultimately achieve individual financial 2 BIS central bankers’ speeches wellbeing”. I would argue that financial literacy is not only important for financial well-being of the masses; it is also a sine qua non for the economic well-being of the nation as a whole......
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