India stands Low in Financial Literacy

This paper aims to identify the level of financial literacy among people and provide them necessary information about the latest banking services, possible frauds and threats related to these services. A survey through questionnaire was conducted on 100 small shopkeepers in Harmada village of Rajasthan during the year 2011. Survey results indicate that most of the people are not aware of the latest services of banks and continue to use the traditional basic services of banks like saving account, current account, DD, cheque etc. In sum, there is a great need to increase the awareness among people about the financial concepts and financial education so as to enable them to make confident and informed decisions regarding all aspects of their budgeting, saving and spending and their use of financial products and services from everyday banking through to borrowing, investing and planning for the future.