From Inclusion to Literacy: A Financial Journey in the Indian Landscape

Abstract

Rupa Kumar Das and Anshuman Pattanaik

“Banking the unbanked” is the motto of Financial Inclusion, i.e. providing banking services to every individual. Financial Literacy is the possession of skills, knowledge and behaviors that allow an individual to make informed decisions regarding money. India is a highly diverse country with a wide range of customers associated with financial institutions based on their literacy level and social awareness. The system architecture has taken a pivotal change in the modern banking system. Due to the digital India initiative, much has changed in the past decade. The theoretical implementation of modern-day banking and practical banking are orthogonally different. This study is about how financial institution policy works in the Indian subcontinent and the pros and cons of it. We have included a few case studies that have impacted the financial system and the customers and steps taken by the govt. of India for Financial Literacy as well as Financial Inclusion.

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