India’s finance ministry has said that “almost one in four” Indians say their financial statement is not “correct” in a new report on financial literacy.
The report, conducted by a non-profit, found that nearly a quarter of Indians (23.2%) said their financial accounts are not accurate.
Among those who said they do not have an accurate financial statement, 28.3% said their statement was not up to date.
“Most people, whether they have a bank account or not, do not think that their financial records are accurate.
We need to encourage people to do their financial planning to be accurate,” said Rajesh Kumar, the chairman of the National Bank Financial Services Association, who is also the chairman and chief executive officer of the Confederation of Indian Industry.”
Most of the people, who are doing their financial preparations for the financial year, do it through electronic means.
We are working on the idea of creating an online system for people to get accurate financial statements,” he said.
“I think there is a real need for people in India to have a financial literacy, especially in a country where almost one in five people do not even know what a bank is.”
A total of 10.3 million Indians do not own a bank.
In 2015, about one in 10 people in the country did not own at least one bank account.
India’s central bank has been grappling with the problem of over-inflating financial accounts.
In 2015, it set up a central body to oversee over-insurance and reinsurance (OIRA) and to improve the country’s financial infrastructure.
But it also said it needs to do more to encourage the creation of accurate financial records and improve the financial literacy of its citizens.
According to the survey, the biggest challenge to achieving financial inclusion is the lack of understanding about what constitutes a financial statement and the value of financial assets.
The survey found that a third of respondents in the survey (34%) do not know how to form an accurate account statement, with 27.4% saying they do it at home.
It also found that 42.2% of respondents do not understand the meaning of the term ‘financial asset’.
Only 14.9% of those who did not understand what a financial asset is said they had enough money in their account for a certain amount.
In terms of the definition of financial asset, a financial contract that specifies the amount of money that the party to the contract is willing to pay and the amount that is due the party, for example, to the government, is considered to be an asset.
The report said there are many ways in which an individual could use an asset in their financial account and the definition varies across countries.
For example, in the United States, there are multiple ways to enter a debt for a purchase.
There is a debt contract where the debt is fixed and the person who enters the contract to purchase the asset is also responsible for paying that debt, the survey said.
In Australia, the term for an asset is a loan, and a loan may be paid off in an amount of one month’s income or two months of income.
In Canada, there is no requirement to enter the debt as an asset and people may enter the contract in a variety of ways.
In the United Kingdom, it is not unusual for people who enter the contracts in the form of a contract to have additional income, the report said.
In India, there was a clear preference for the definition to be “assets”, with 31.6% of the respondents choosing the term “financial asset”.
This is higher than the 25% who selected the term of a loan or a mortgage.