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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

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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.

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Literature
go back to reference Paramasivan C, Ganeshkumar V (2013) Overview of financial inclusion in India. Int J Manag Dev Stud 2:45–49 Paramasivan C, Ganeshkumar V (2013) Overview of financial inclusion in India. Int J Manag Dev Stud 2:45–49
Metadata
Title
Financial Literacy for Promoting Sustainability
Authors
Vinay Kandpal
Deep Chandra
Narendra N. Dalei
Jatinder Handoo
Copyright Year
2023
DOI
https://doi.org/10.1007/978-3-031-22723-3_4