Financial Literacy and Inclusion in India

Contents: 1. Financial Inclusion of Rural Daily Wage Earners/Ashraf Pulikkamath and Muhammed Safwan A. 2. Banking Habits and Access to Formal Credit/Subhashini Muthukrishnan. 3. Financial Literacy of Economically Marginalized People/Abdul Azeez N.P. and Nasira Banu M. 4. Financial Inclusion in Rural India/C. Krishnan. 5. Interest Free Micro Finance as an Alternative to Financial Inclusion/Muhammed Palath. 6. Level of Financial Literacy and Inclusion/Sini VT. 7. Empowering Poor through Financial Inclusion/S.N. Tripathy. 8. Dimensions of Financial Inclusion in India/M.H. Wani and Arshad Bhat. Index. Financial literacy deals with knowledge and skills which allow an individual to make informed and effective decisions with regard to his financial resources. An understanding of basic financial concepts allows people to navigate in the financial system successfully. People with financial literacy training make better financial decisions than those without it. Financial literacy involves proficiency in financial principles, financial planning, debt management, saving techniques and the time value of money. Lack of financial literacy can lead to poor financial decisions including money loss, indebtedness and other negative consequences on the financial well-being of an individual. The concept of financial inclusion has a special significance in India because a large segment of the society, particularly low-income earners, has little access to financial services, both formal and semi-formal. Resultantly, many of them have to depend either on their own or high cost informal sources of finance such as moneylenders. The essence of financial inclusion is to ensure that a range of appropriate financial services are available to all individuals to enable them to understand and access those services. The present volume contains 8 research papers on financial literacy and financial inclusion authored by experts in the field. These scholarly contributions provide deep insights into the various aspects and problems associated with the twin policy goals of financial literacy and financial inclusion. (jacket).…