For the India’s long term growth and development, there is a need to raise the financial literacy of the resent population because it aids in improving the quality of financial services and contributes to the financial stability. Financial literacy is the ability, skills or knowledge to make effective or informed judgments and decisions regarding the use and management of money. In other words, it refers to the capacity to have familiarity with and understanding of financial market products, especially rewards and risks. This paper makes an attempt to examine the financial literacy level in India which is very low, its position across the world and the various growth initiatives taken by major financial regulators such as RBI and SEBI. The paper consist of seven parts i.e., An Introduction, Research Objectives, Methodology of the study, Review of Literature, Present Scenario, Growth Efforts in the field of Financial Literacy and Conclusion. Financial Literacy and Financial Inclusion have a strong interplay and vital impact on each other. Financial literacy involves imparting knowledge about the risk and return of financial products to their users. Thus it helps in consumer protection and financial stability in the economy. The need for the financial literacy and its importance for financial inclusion has been acknowledged by all possible stakeholders, policymakers, practitioners, bankers, researchers and academics – across the globe.