Pradhan Mantri Jan-Dhan Yojana is an important and strong pillar in ensuring financial literacy of the country, former Union Minister Suresh Prabhu said, emphasising that it is very important to ensure practical financial security as it has a broader societal impact.
He was speaking at a conference organized by ‘Evoke India Foundation’ on financial literacy here with a theme “Financial Inclusion – Bridging the Gaps.” The flagship scheme for financial inclusion, the PMJDY has already crossed 500 million, with 56% of bank accounts belonging to women and 67% of those opened in rural and semi-urban areas.
Pravin Kumar Dwivedi, a financial expert, founder and president of AWOKE India, pointed out that only 24 percent of people in India are financially literate. He was referring to data from the global survey by Standard & Poor’s Financial Services LLC (S&P) which has revealed that less than 25% of adults possess financial literacy in South Asian countries. Dwivedi underscored the urgent need for financial literacy to become a priority for the average Indian, given that 76% of India’s adult population lacks understanding in even basic financial concepts.
Sunita Paul, nodal officer of CFL, RBI project also mentioned about the importance of financial literacy awareness especially youth and women for financial inclusion across rural communities while Ananth Narayan brought attention to SEBI’s multifaceted role beyond regulation.
He emphasized SEBI’s mission to encourage savers to evolve into investors, thereby contributing to capital formation. Dr. Prabhakar Sahoo expanded on these insights by elaborating on how the Jan Dhan Yojana resulted in the creation of 50,000 bank accounts for Indians, enhancing transparency and efficiency. Notably, he shared that Indians now contribute to 42% of digital transactions globally, with the Jan Dhan Yojana playing a pivotal role.
A focused panel discussion on agriculture, chaired by Hemendra Mathur, emphasized the imperative need for the financial inclusion of farmers. Similarly, speakers at the conference engaged in discussions about financial inclusion and its role in unlocking the potential of the youth demographic.
Appalla Saikiran, Founder & CEO of SCOPE, highlighted the critical significance of financial literacy. He stressed that “Financial literacy is very important as earning money and managing money are two different things.” Former banker Naina Kidwai too emphasized the importance of giving women more economic power, stating that it can be initiated with basic financial literacy. She shared stories of successful online business growth by women, underlining that providing bank accounts is not enough; the usage of mobile phones for financial activities must be ensured.