By effectively utilizing these new factors of production, the sector could quickly bring in more and more financially excluded people under the ambit of the formal banking system and help it to be seen as a relevant and purpose-oriented sector. Promoting financial literacy 23. In today’s digitized world, stating that information is power, is perhaps to state a truism.
Our economy is traversing towards being a knowledge economy. This is amply demonstrated by the contribution of services sector in our economy. However, much as we would hate admitting it, we are a financially illiterate society. And here, I am not talking about the common man alone.