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Abstract
Financial literacy, or the ability to manage personal finances effectively, is a crucial concern in India. A significant portion of the population lacks the necessary knowledge and skills in this area. According to the National Centre for Financial Education (NCFE), only 24% of Indian adults are financially literate, which can lead to problems like debt, low savings, and financial insecurity.
To combat this issue, the Indian government has initiated various programs to promote financial literacy. The Reserve Bank of India (RBI) has established the Financial Education Fund (FEF) to enhance financial literacy and consumer protection. Additionally, the government launched the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme, with the goal of providing every household in the country with a bank account and access to financial services.
Recognizing India's shift towards a cashless economy and the rise of digital financial services, a research study was conducted to emphasize the need for digital financial literacy. This study reviewed existing literature on digital financial literacy and financial inclusion in India, identifying key trends and challenges in this evolving landscape.