Financial Literacy for Financial Inclusion Using Mobile Technology in India

Abstract

According to the RBI governor, technology-enabled financial information will spread financial literacy in an efficient and secure manner. India needs inclusive growth to pull millions out of poverty and mobile phone penetration can be a good opportunity. Consumers are exposed to a plethora of financial products but the knowledge is either not there or limited to make judicious choices. The successful implementation of financial literacy services would benefit rural people but it is a challenge to all stakeholders today. One-hundred twenty-five people all over India were selected for a survey and results point that rural poor accept mobile technology for banking related information but do not want to adopt the technology. There are various challenges for financial literacy in India discussed in the chapter. Also, opportunities are many for digital literacy and can be achieved if the challenges are overcome. All the stakeholders should put in concerted efforts at all levels to achieve financial inclusion through mobile technology disruption.