THE DIGITAL REVOLUTION IN FINANCIAL EDUCATION: TRANSFORMING LIVES OF INDIA'S UNBANKED POPULATION

There was indeed a time when India, a country of over 1.4 billion people, faced a critical financial literacy gap, especially in rural and underbanked regions. In 2011, only 35% of Indian adults had bank accounts.

- AMIT NIGAM

Fast forward to 2021, and this number surged to 80%, thanks largely to initiatives like the Pradhan Mantri Jan Dhan Yojana (PMJDY). But account ownership alone doesn’t equate to financial empowerment. The real challenge lies in educating the unbanked and underbanked to use these services effectively.

A lack of financial literacy leaves millions vulnerable to predatory practices and poor financial decisions. People in rural areas, with limited access to traditional banks, face barriers that go beyond account ownership including language, trust issues, and a lack of understanding about savings, credit, and investment all contribute to financial exclusion. This is where digital tools and fintech innovations have have really stepped up.

DIGITAL TOOLS EMPOWERING THE UNDERBANKED