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International Journal of Trend in Scientific Research and International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456Development (IJTSRD) ISSN: 2456-6470 | IF: 4.101

facilitate open and easy access to information for facilitate open and easy access to information for a virtual access to the money and with the concept of a virtual access to the money and with the concept of
citizens, e-kranti in the banking sector it will become easier for kranti in the banking sector it will become easier for
the people to avail the financial services provided by avail the financial services provided by
7. Electronics Manufacturing:
It focuses on promoting electronics manufacturing promoting electronics manufacturing t them. Having a bank account is not the only matter of hem. Having a bank account is not the only matter of
concern but also having the knowledge that how their oncern but also having the knowledge that how their
c
in the country with the target of NET ZERO in the country with the target of NET ZERO
money gets affected by economic situation of the oney gets affected by economic situation of the
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Imports by 2020 as a striking demonstration of Imports by 2020 as a striking demonstration of
country and various other factors for having a control ountry and various other factors for having a control
c
intent.
over their finances is also important. When people are r their finances is also important. When people are
8. IT for Jobs: financially literate, they are more likely to explore the inancially literate, they are more likely to explore the
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It focuses on providing training to the youth in the the youth in the products and services offered by banks and use them products and services offered by banks and use them
skills skills required required for for availing availing employment employment for their benefits. This accelerates the pace of for their benefits. This accelerates the pace of
opportunities in the IT/ITES sector. in the IT/ITES sector. financial inclusion, where everyone can accesinancial inclusion, where everyone can access the
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basic banking facilities rather than relying on the asic banking facilities rather than relying on the
b
9. Early Harvest Programmes:
orthodox systems of money market such as borrowing rthodox systems of money market such as borrowing
It consists of those projects which are to be those projects which are to be o
m
implemented within short timeline. money from money lenders on illogical interest rates. oney from money lenders on illogical interest rates.
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Financial inclusion and financial literacy are two inancial inclusion and financial literacy are two
e
Digitalization is a boon and needs to be utilized Digitalization is a boon and needs to be utilized essential ingredients of an efficient econssential ingredients of an efficient economy. Thus
f financial literacy is what also needs the attention of inancial literacy is what also needs the attention of
properly with the recent case of demonetization we properly with the recent case of demonetization we
can assess that it has helped people during the can assess that it has helped people during the t the masses and with all the latest advances happening he masses and with all the latest advances happening
a
demonetization from Nov. 8 2016 to Dec. 31 2016 demonetization from Nov. 8 2016 to Dec. 31 2016 around, it is becoming a matter of prime concern. round, it is becoming a matter of prime concern.
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when the country faced cash crunch, when Rs. 500 when the country faced cash crunch, when Rs. 500 Financial education is “the process by which financial inancial education is “the process by which financial
consumers/investors improve theionsumers/investors improve their understanding of
and Rs. 1000 notes were scraped and new currency 00 notes were scraped and new currency c
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financial products and concepts and, through inancial products and concepts and, through
was circulated in replacement of old notes. This step was circulated in replacement of old notes. This step
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not only shook the tax evaders but also pushed India not only shook the tax evaders but also pushed India information, instruction and/or objective advice, nformation, instruction and/or objective advice,
develop the skills and confidence to become more evelop the skills and confidence to become more
to become more digitally sound country and has also to become more digitally sound country and has also d
aware of financial risks and opportunities, to make ware of financial risks and opportunities, to make
highlighted the benefits and need to go cashless ( or highlighted the benefits and need to go cashless ( or a
have a less cash based economy).Demonetization has a less cash based economy).Demonetization has i informed choices, to know where to go fornformed choices, to know where to go for help, and
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to take other effective actions to improve their o take other effective actions to improve their
also increased the transactions from mobile wallet and also increased the transactions from mobile wallet and
digital payment channels. Pay tm said it hit a record said it hit a record financial well-being.”
of 5-million transactions a day, processing Rs.million transactions a day, processing Rs. 24,
The financial literacy level majorly depends upon the he financial literacy level majorly depends upon the
000crore worth of payments, less than a week int000crore worth of payments, less than a week into the T
education and income of the individuals; the social ducation and income of the individuals; the social
Indian government's decision to demonetise Rs.500 Indian government's decision to demonetise Rs.500 e
f
factors such like family size, family background, age, actors such like family size, family background, age,
and Rs.1, 000 notes making it the largest digital notes making it the largest digital
payments company in the country It may be seen as a payments company in the country It may be seen as a regions nature of employment have a little impact on ure of employment have a little impact on
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temporary phase but the ease of access and temporary phase but the ease of access and this. With the digitalization there is an ease of access his. With the digitalization there is an ease of access
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availability has made more of a good alternative than availability has made more of a good alternative than to the money as the banking system has evolved with o the money as the banking system has evolved with
the paper or plastic money. With the adaptation of the paper or plastic money. With the adaptation of t the time and provides the customer with different he time and provides the customer with different
f facilities like online payment of their monthly acilities like online payment of their monthly
technology in the banking sector more and more anking sector more and more
transparency came in the flow of money in the transparency came in the flow of money in the expenses such as electricity bills, payment of s such as electricity bills, payment of
premiums etc. With all this growth and development remiums etc. With all this growth and development
economy. p
people need to aware about the problems associated eople need to aware about the problems associated
p
w
Pradhan Mantri Jan Dhan Yojana gave push to Yojana gave push to with digitalization of finances.ith digitalization of finances.

financial inclusion that everyone whether from urban financial inclusion that everyone whether from urban
area or from rural area should have a account so that area or from rural area should have a account so that Financial literacy:
A
everyone is connected in the economy and in the economy and According to a survey conducted by Standard & ccording to a survey conducted by Standard &
demonetization led to the operation alization of Jan alization of Jan Poor’s, over 76% Indian adults lack basic financial 6% Indian adults lack basic financial
Dhan accounts which were opened under the scheme. Dhan accounts which were opened under the scheme. l literacy and they don’t understand the most basic and iteracy and they don’t understand the most basic and
key financial concepts.
It also had multiple benefits like people who did not It also had multiple benefits like people who did not
had the identity proofs registered themselves for had the identity proofs registered themselves for
Another survey of “Financial Literacy among nother survey of “Financial Literacy among
Aadhar card and other identity proofs and will also y proofs and will also A
Students, Young Employees and the Retired in India” tudents, Young Employees and the Retired in India”
help in direct transfer of benefits to the concerned help in direct transfer of benefits to the concerned S
person. Digitalization in this situation helped to have person. Digitalization in this situation helped to have conducted by IIM-A supported by CITI FoundaA supported by CITI Foundation
@ IJTSRD | Available Online @ www.ijtsrd.comwww.ijtsrd.com | Conference Issue: ICDEBI-2018 | | Oct 2018 Page: 26