STUDY ON ASSESSMENT OF FINANCIAL LITERACY IN PROGRAMMS IN INDIA
Financial literacy has become an essential component for ensuring financial inclusion and economic stability, particularly in a rapidly developing country like India. This research study evaluates the effectiveness of financial literacy programs implemented by major regulatory and educational institutions, primarily the National Institute of Securities Markets (NISM) and the Reserve Bank of India (RBI), in Thane and Mumbai Districts of Maharashtra. The study focuses on key determinants of financial literacy: financial knowledge, financial behaviour, financial attitude, and awareness of government-led initiatives. From a survey conducted among 101 respondents, findings indicate low awareness of NISM’s educational initiatives (only 14.9%) and moderately satisfactory awareness of RBI’s financial literacy campaign, “RBI Kehta Hai” (around 75%). Additionally, older respondents reflected stronger financial knowledge—aligning with national survey insights suggesting gradual improvement in financial literacy since 2013. The study concludes that financial literacy programs require modernization and wider outreach. Recommendations include leveraging digital education, collaborating with local institutions, and designing age-targeted initiatives to improve public financial well-being.