At the launching ceremony of a book the chairman and MD of the canara bank stated that financial literacy is low n our country. He highlighted the necessity of financial literacy.
It is necessary to guide the people on the needs of savings account the benefit of fixed deposits. To impart the financial education a lot more new bank branches need to be developed all across the country. He also stated that unlike developed nations, India doesn't provide its citizens social security. "We have to depend on our own savings for support
. The banks are working their best to increase the financial literacy in the country by organizing various financial literacy camps. Apart from this govt. is on the process to make every household with a savings account by the end of next fiscal year.