India's Thorat on the limits of financial literacy

Financial literacy can lead to informed and responsible consumers, but it cannot by itself ensure consumer protection, said Usha Thorat, a deputy governor at the Reserve Bank of India.

Speaking to an audience in Delhi, Thorat stressed the obligations of those providing financial products: "There has to be responsible selling...especially to vulnerable sections of society including, among others, senior citizens and low income groups."

"In particular, banks selling insurance, capital market and

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