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Published in:
2023 | OriginalPaper | Chapter
4. Financial Literacy for Promoting Sustainability
Authors : Vinay Kandpal, Deep Chandra, Narendra N. Dalei, Jatinder Handoo
Published in: Financial Inclusion in Circular Economy
Publisher: Springer International Publishing
Abstract
A country’s economy needs a robust financial system to grow and progress sustainably. Many formidable challenges have been faced in the area of financial inclusion, such as bridging the gap between the various sections of society that are financially excluded within the sphere of the formal financial system, providing financial literacy, and strengthening credit delivery mechanisms to improve socio-economic development. Considering that the new entrants to the financial system are likely to be more vulnerable, customer protection and grievance redressal have become important pillars for furthering sustainable financial inclusion.
This is further accentuated by the fact that there has been a steep increase in access to digital financial services, which calls for a robust customer protection framework. Some of the measures undertaken include increased market monitoring, the creation of strong enforcement machinery to redress customer grievances and improved coordination between the financial sector supervisors.
