I must add that the reason why OECD has so readily agreed to conduct this joint workshop with RBI by sharing and sparing their resources is that we in RBI want to adopt the international best practices honed by OECD and improve upon them for multiplier effect to cover vast multitudes of unbanked and financially illiterate population.
After all, financial inclusion is a necessary precondition for sustainable and inclusive growth. 10. Simply speaking, financial literacy refers to knowledge required for managing personal finance. It does not necessarily refer to formal education in finance. Instead, it encompasses an understanding of how to use credit responsibly, manage money and savings, minimise financial risks and derive long-term benefits of savings. 11.