Advancing Financial Literacy and Inclusion in Rural India: A Critical Assessment of the National Strategy for Financial Inclusion (2019–2024)

Abstract The National Strategy for Financial Inclusion (NSFI) 2019–2024 by the Reserve Bank of India aims to create a robust, inclusive financial ecosystem across the country, with a strong emphasis on underserved rural populations. This study evaluates the impact of NSFI initiatives on improving financial literacy and inclusion in rural India. Using secondary data from RBI, SEBI, and various government reports, the paper examines how schemes such as the Pradhan Mantri Jan Dhan Yojana (PMJDY), Aadhaar-enabled services, and digital financial platforms have enhanced account ownership, transaction frequency, and access to credit. Despite these advancements, the study finds persistent gaps in financial awareness, usage of financial services, and digital literacy among rural households. The paper recommends stronger grassroots-level financial education, infrastructure development, and targeted policy interventions to bridge the inclusion gap in rural regions.