After Jan Dhan account, a big campaign will start for financial literacy, programs will be run in all the blocks till 2024
This will prove to be an important step in increasing the average of savings against GDP (Gross Domestic Product) in the country. PM Jan Dhan Yojana (PMJDY) was started by PM Narendra Modi to open his own bank account for every Indian since assuming power. Under this, 45.55 crore accounts have been opened so far.
The second round of financial inclusion will peak in the country by the year 2024 general elections. That is, under the instructions of RBI, people will be taught financial literacy lessons across the country, under which not only will they be told how to avoid financial frauds, but also how to save and earn more returns.
RBI has recently revealed that it has prepared a very ambitious plan of financial literacy, through which financial transactions will be done to the very lowest strata of the society and even the remotest families by the year 2024. To be trained on investment and avoidance of financial fraud.
This step taken with the aim of bringing economic prosperity has also been politically beneficial for the government because now under this scheme itself, the amount of many schemes of the government is directly reaching the customers. In such a situation, the central government wants that this scheme of financial inclusion should be expanded further and the poor people of the country should be ensured more return on their savings and they can protect themselves from any kind of financial fraud.
According to the latest data, India's domestic savings rate was 31.7 percent in comparison to GDP in the year 2019-20, which has come down to 27.8 percent in the year 2020-21. There is also an assessment that despite opening a bank account in every household, a large number of people still keep cash in homes. This new campaign of financial inclusion and literacy will encourage them to invest in the financial sector.