As far as the kindergarten illiterate I have already spoken enough before awarding the winners of the NCFLAT. But broadly under the FSDC and its Sub-Committee, a Technical Group is working on the Financial Inclusion and Financial Literacy areas.
This Technical Group has formulated the NSFE and efforts are on to introduce financial education as a part of formal curriculum under the various state boards, and the Central Board. While there has been some success but I think still lot of work is required to be done.