Alok Kumar Agarwal Alankit Advocates for Financial Literacy: Here's Why It's Crucial
In 2014, the Government of India started the Pradhan Mantri Jan-Dhan Yojana to improve people's understanding of money matters. The goal was to make sure every household had a bank account. From August 2014 to January 2022, the program helped create 443 million accounts.
However, having a bank account is just the start. To really bridge the gap in banking, people need to understand how money works. But according to the Reserve Bank of India, only 27% of adults in India have this understanding. Among women, it's even lower at 24%.
Alok Kumar Agarwal Alankit says, "I think women are more open to learning about money. They often handle the household budget, so if they have basic knowledge about finances, tools to help them, and opportunities for small businesses, they can make a big difference for their families and communities."