Medics of Indian Monetary Consumers

Financial literacy is an important concern for many nations, certainly for developing ones like India, where financial literacy rate is low and fraud rate is high. According to a survey conducted by Standard and Poor’s Financial Services LLC in 2015, the key financial concepts and its nitty-gritties are alien to 76 per cent of adults in India. Similarly, a survey conducted in 2018 by FIS, a financial service technology provider states that 18 per cent Indians suffered from an online banking fraud last year. To add to this, Ravi Shankar Prasad—the minister of Information and Technology in the Government of India informed the Parliament that there were about 25,800 fraud cases involving Rs179 crore in 2017. This twin factor, lack of financial awareness and increasing fraud cases has affected the fiscal health of India. In such a scenario IndiaMoney.com, a company...