Former Union Minister Suresh Prabhu emphasized the crucial importance of ensuring functional financial security due to its broader societal impact. The Pradhan Mantri Jan-Dhan Yojana (PMJDY) stands as a significant and robust pillar in promoting financial literacy throughout the nation.
He made these remarks during a seminar on economic fluency hosted by the “Evoke India Foundation” under the theme “Financial Inclusion – Bridging the Gaps.” The PMJDY, which is the flagship program for financial inclusion, has already reached 500 million people, with 56% of the accounts held by women and 67% of them opened in rural and semi-urban areas.
According to financial expert and founder-president Pravin Kumar Dwivedi of AWOKE India, only 24% of India’s population is financially educated. He referred to data from a global survey conducted by Standard & Poor’s Financial Services LLC (S&P), which revealed that less than 25% of adults in South Asian nations possess financial literacy. Given that 76% of India’s adult population lacks knowledge of even the most fundamental financial aspects, Dwivedi emphasized the urgent need for financial education to become a top priority for all Indians.
Ananth Narayan highlighted the broad role of SEBI beyond regulation, while Sunita Paul, a lateral officer of the CFL in the RBI project, discussed the significance of promoting financial literacy, particularly among youth and women, to achieve economic inclusion in rural communities.
He underscored SEBI’s objective of transforming savers into investors, thereby contributing to capital formation. Dr. Prabhakar Sahoo expanded on these ideas by explaining how the Jan Dhan Yojana had resulted in the creation of 50,000 bank accounts for Indians, enhancing efficiency and transparency. Notably, he mentioned that the Jan Dhan Yojana plays a crucial role, with Indians now accounting for 42% of all online purchases worldwide.
Hemendra Mathur moderated a focused panel discussion on agriculture, highlighting the critical importance of farmers’ economic participation. The audience engaged in similar discussions on financial inclusion and its role in realizing the full socioeconomic potential of youth.
Appalla Saikiran, founder, and CEO of SCOPE, emphasized the vital importance of financial education. He stated, “Financial education is crucial because earning money and managing income are two distinct skills.” Naina Kidwai, a former banker, also stressed the significance of empowering individuals with greater financial literacy, starting with basic financial education. She emphasized the need to encourage women to use their mobile phones for financial transactions and shared examples of successful online business growth.