Financial Literacy in India-A Survey of Villagers

While efforts on the part of Reserve Bank of India and Government are on to come out with new initiatives from time to time to promote financial literacy in India, it is equally important to undertake an impact study at different places in the country. In particular, rural areas need a special attention to bring farmers, farm workers and micro enterprises therein under the formal financial system. Because, the level of education in general and financial education in particular in rural areas needs to be further upgraded on a war footing since financial literacy and financial inclusion are closely correlated. In this backdrop, a survey of rural poor is appreciated for understanding issues associated with the financial literacy and offer suggestions. The present article is written to share the findings of a survey, besides discussing concept, process and RBI initiatives to make an overview of financial literacy.