The financial sector policies in India have long been driven by the objective of increasing financial pe*******on and outreach. The increasing number and complexity of financial products, the continuing shift in responsibility for providing social security from governments and financial institutions to individuals make it imperative that financial literacy be provided to all. From a regulatory per
spective too, financial literacy empowers the common person and thus reduces the burden of protecting the common person from the elements of market failure, attributable to, de facto, information asymmetries. The poor need credit, insurance, savings and pension services. those working in the informal sector like small and petty vendors, home-based workers, artisans, labourers, maid servants, desperately need financial services from formal financial institutions since they are involved in economic activities in which they need working capital. They need credit or term loans to buy business equipment like sewing machines, cutting machines, livestock, and handlooms and also for renovating their homes for adding water and drainage services or for getting electric connections. Because of their nature of work (mostly informal sector), poor living and working conditions, and low income level, they are very vulnerable and susceptible to many types of risks, i.e., personal risks like sickness, accident death, or natural disasters like floods, cyclone and fire. They need to be protected under these risks. They also want to build little savings for their future needs. Women want to "save for rainy days". Vulnerability during their entire working life does not allow them to build or plan for their old age. The majority of the working poor in India, especially the women are most ignorant on the financial literacy front. As long as these women are powerless, poverty remains a permanent reality in our country. Like finance and work, knowledge is power. In today’s world of microfinance movement women should not be left behind or sidelined and remain 'just clients'. Building women's capacity of understanding finance and scale up is the call of the day. Equipping various stakeholders for financial literacy with the knowledge and skills to bring all in the mainstream is an extremely important role that the private sector should adopt. Raising financial literacy supports social inclusion and enhances the wellbeing of the community. The need of the hour is to generate awareness and spread knowledge on financial literacy all over India.
• Build a forum of experts across country that will be able to provide financial literacy to a wide range of target groups.
• Identify motivated graduates and provide training and project services to enable creation and sustainable working of Financial Literacy Centers of the association.
• Enroll a large number of professionals working actively in the Financial Literacy sector and enable them with information and consulting services to add value to their services
• Source information on finance related sectors and provide it to the communities through its Financial literacy centers
• Develop online/offline information dissemination channels to reach the target groups
