₹ VOL. 1 · NOVEMBER 2026 A SOCIAL IMPACT E-MAGAZINE RUPEE WISE Financial Literacy & Responsible Spending Know it. Plan it. Spend it right. INSIDE THIS ISSUE 27% of Indian adults are financially literate (NCFE, 2019) 25.47 bn UPI payments in October 2026 alone (NPCI) 59 crore Jan Dhan accounts — and one big question Case studies · Fraud report · A student's budget · Quiz & 30-day challenge FROM AWARENESS TO ACTION RUPEE WISE Financial Literacy & Responsible Spending · November 2026 CONTENTS From Awareness to Action · A Social Impact E-Magazine 2 IN THIS ISSUE What's inside 3 EDITOR'S NOTE Money is a language — and most of us were never taught it. 4 FEATURE The 27% Problem: how financially literate is India? 5 REPORT ₹1 lakh crore a day: India pays by tap. What does it cost us? 6 TOOLKIT The Smart Spending Toolkit: 50/30/20, the 24-hour rule and compounding. 7 CASE STUDY Jan Dhan: 59 crore accounts, and why access isn't enough. 8 CASE STUDY First save, then borrow: the quiet lesson of Self-Help Groups. 9 IN CONVERSATION A student, a budget and a festive sale. 10 SAFETY REPORT Fraud in the age of the tap: how to protect your money. 11 TEST YOURSELF Five-question quiz, a 30-day challenge and a mini glossary. 12 SOURCES Every number in this issue, with where to check it. AT A GLANCE 27% of Indian adults are financially literate. NCFE survey, 2019. 25.47 bn UPI transactions in Oct 2026, worth ₹31.53 lakh crore. NPCI. 59.09 cr Jan Dhan accounts as of 19 Aug 2026; deposits ₹3.17 lakh crore. 1.43 cr Self-Help Groups with savings linked to banks, March 2025. NABARD/Sa-Dhan. THE CAUSE Social cause: Financial Literacy and Responsible Spending About this issue Every statistic in this magazine is drawn from a published source listed on page 12. Figures were checked in November 2026 and may be updated by their publishers later. Case-study and conversation pages are marked where they are illustrative. This magazine is for education and awareness; it is not investment or legal advice. RUPEE WISE Financial Literacy & Responsible Spending · November 2026 EDITOR'S NOTE From Awareness to Action · A Social Impact E-Magazine 3 EDITOR'S NOTE Money is a language — and most of us were never taught it October 2026 was a record month for Indian payments. UPI handled 25.47 billion transactions worth ₹31.53 lakh crore — more than ₹1 lakh crore every single day. Paying has never been easier: a tap, a scan, a PIN, and the money is gone before the thought has finished forming. That is exactly why this issue exists. Ease of paying is not the same as skill in managing. Two widely cited studies, the S&P Global FinLit Survey and the National Centre for Financial Education (NCFE) survey, found that only about one in four Indian adults could correctly answer basic questions on inflation, interest and risk. Behind that number are real decisions: a loan accepted without reading its terms, a festive purchase put on EMI, savings that never began because “there is nothing left over.” Financial literacy is not about being rich, or learning stock-market jargon. It is knowing how to track what comes in and goes out, saving before spending, understanding what borrowing really costs, spotting fraud, and planning for what lies ahead. Responsible spending is that knowledge in action — the pause before the purchase. In these pages you will find the data (pages 4–5), a practical toolkit (page 6), two case studies of India's financial-inclusion efforts (pages 7–8), a conversation about everyday money choices (page 9), a fraud-safety report (page 10), and a quiz with a 30-day challenge (page 11). Every figure is sourced on page 12, so you can check it yourself. Read it, argue with it — and then do one small thing this week. That is the whole idea: from awareness to action. Five ideas to carry with you ■ Pay yourself first. Move savings out on day one, then spend the rest. ■ Needs before wants. Ask which one a purchase really is. ■ Pause before you pay. Wait 24 hours on anything non-essential. ■ Interest is a price. Always ask the total cost, not just the monthly instalment. ■ Guard your OTP. No genuine bank ever asks for it. Paying has never been easier. Managing has not. YOUR READING ROADMAP Pages 4–5 Know the data Literacy and payments, in numbers Page 6 Learn the tools Budgeting, pausing, compounding Pages 7–8 See it in action Jan Dhan and Self-Help Groups Pages 9–11 Test yourself Conversation, fraud, quiz, challenge THE GOAL OF THIS ISSUE Help every reader leave with three things: a number to remember (27%), a habit to start (track, then save first) and a scam signal to never ignore (anyone asking for your OTP). RUPEE WISE Financial Literacy & Responsible Spending · November 2026 FEATURE From Awareness to Action · A Social Impact E-Magazine 4 FEATURE The 27% problem How financially literate is India — and who is being left behind? What is being measured? Researchers test whether adults can answer questions on four basic ideas: numeracy, risk diversification, inflation and compound interest. Get at least three of four right and you count as financially literate. It is a deliberately basic bar. What do the surveys find? The S&P Global FinLit Survey (fieldwork 2014, over 150,000 adults in 140+ countries) found that only 24% of Indian adults were financially literate, against a global average of 33%. India ranked 121 of 144 economies. A later national study, the NCFE survey of 2018–19, put the figure at 27% . Two different studies, same message: roughly three in four adults struggle with the basics. Who is left behind? The S&P survey found a visible gender gap: 73% of Indian men and 80% of Indian women were not financially literate. There was an income gap too: 26% of adults in the richest 60% of households were literate, against 20% in the poorest 40%. And only 14% of Indian adults saved at a formal financial institution at the time. Is it improving? Slowly, and unevenly. NCFE's 2019 survey recorded 39% in Kerala, far above the national 27%, which shows what regional effort can do. RBI researchers have since published a field survey on the OECD framework, and the National Strategy for Financial Education 2020–25 aims for a financially empowered India. The next national benchmark is what the country most needs. SHARE OF ADULTS WHO ARE FINANCIALLY LITERATE United Kingdom 67% Singapore 59% United States 57% Global average 33% China 28% India (NCFE 2019) 27% India (S&P 2014) 24% Source: S&P Global FinLit Survey (2014 fieldwork), reported by Business Standard, 7 Jan 2016; India (NCFE 2019) from NCFE survey as reported by Entrepreneur India. THE THREE GAPS IN THE DATA Gender 80% of women vs 73% of men not literate Income 26% (richer 60%) vs 20% (poorer 40%) literate Access to formal saving Only 14% saved at a formal institution THE FOUR IDEAS THE SURVEYS TEST 1 Numeracy Can you work out simple interest? ₹100 at 10% a year for 2 years costs ₹20. 2 Compound interest Interest on interest. It makes savings grow and debts balloon. 3 Inflation Rising prices. If prices rise faster than your savings earn, you can buy less. 4 Diversification Spreading money across assets lowers the chance of one big loss. WHY IT MATTERS Financial literacy is not an academic extra. People who cannot judge interest rates borrow more expensively, those who do not understand inflation save in ways that quietly lose value, and those who cannot spot a scam lose money that is rarely recovered (see page 10). Better money skills protect households first, and the wider economy next. RUPEE WISE Financial Literacy & Responsible Spending · November 2026 REPORT From Awareness to Action · A Social Impact E-Magazine 5 REPORT · DIGITAL PAYMENTS ₹1 lakh crore a day India pays by tap. What does that do to the way we spend? India's Unified Payments Interface (UPI) has turned the phone into a wallet. In October 2026, NPCI data show UPI processed 25.47 billion transactions worth ₹31.53 lakh crore , up 23% in volume and 16% in value on a year earlier. The daily average crossed ₹1 lakh crore for the first time (about ₹1,01,707 crore), across roughly 822 million transactions a day. The festive season is visible in the figures. Daily volume peaked at around 873 million on 9 October, just before Navratri, and monthly value rose by ₹2.16 lakh crore from September. Over the first half of FY27, UPI volume reached 145 billion, up 27% on the 114 billion of the same period a year before. This is a success story of access and convenience. It also changes how spending feels . Behavioural economists Drazen Prelec and George Loewenstein (1998) described a “pain of paying”: the small sting of handing over money that makes us hesitate. Cards soften that sting; a one-tap payment softens it almost to nothing. UPI is not the problem. The brake we once felt now has to be built on purpose. Responsible spending is not spending less for its own sake. It is spending on purpose. UPI TRANSACTIONS (BILLION) 24.51 Aug 2026 24.07 Sep 2026 25.47 Oct 2026 UPI TRANSACTION VALUE (₹ LAKH CRORE) 29.82 Aug 2026 29.37 Sep 2026 31.53 Oct 2026 Source: NPCI monthly data as reported by Entrepreneur India (3 Nov 2026) and Outlook Money. Counts all UPI transactions, including person-to-person transfers, so it is not a measure of household spending alone. 822 mn average daily transactions, Oct 2026 ₹1.02 L cr average daily value, first time above ₹1 lakh crore +23% year-on-year growth in volume 145 bn transactions in H1 FY27, up 27% FOUR SPENDING TRAPS IN THE TAP ERA Trap What happens Responsible fix One-tap payments Money leaves with no felt pause, so the month-end total comes as a surprise. Turn on payment alerts and check your weekly total every Sunday. Festive sales and “limited-time” offers Urgency pushes impulse purchases that were never planned. Use the 24-hour rule: add to cart, wait a day, then decide. EMI and instalment offers Attention moves to the small monthly amount; total cost and fees fade from view. Ask for the total payable, the interest rate and all fees before agreeing. Subscriptions and auto-pay Small recurring debits go unnoticed and quietly add up. List every auto-pay once a month; cancel what you do not use. RUPEE WISE Financial Literacy & Responsible Spending · November 2026 TOOLKIT From Awareness to Action · A Social Impact E-Magazine 6 TOOLKIT · RESPONSIBLE SPENDING The Smart Spending Toolkit Five habits that work whether you earn ₹10,000 or ₹1,00,000 a month. HABIT 1 · GIVE EVERY RUPEE A JOB: THE 50/30/20 RULE Split take-home money into 50% needs (rent, food, transport, bills), 30% wants and 20% savings or debt repayment . The rule was popularised by Elizabeth Warren and Amelia Warren Tyagi in All Your Worth (2005). It is a starting point, not a law: if needs eat 70%, the first job is to trim fixed costs or raise income, not to feel guilty. Needs 50% ₹5,000 Wants 30% ₹3,000 Savings 20% ₹2,000 Worked example: a student with a monthly allowance of ₹10,000 (illustrative figures). HABITS 2–5 2 Track for 30 days Write down or log every payment with a category. Most people are surprised by what the “small” items add up to. 3 Pay yourself first Set an automatic transfer to savings on payday. Spend what is left, not save what is left. 4 Pause before you pay For any non-essential purchase, wait 24 hours. If you still want it tomorrow, buy it guilt-free. 5 Build a safety cushion Common guidance is three to six months of essential expenses. Start with one month; any start beats none. THE POWER OF COMPOUNDING ₹1,469 5 yrs ₹2,159 10 yrs ₹4,661 20 yrs ₹10,063 30 yrs ₹1,000 invested once at an assumed 8% a year, interest reinvested. The rate is for illustration only; real returns vary and are not guaranteed. RULE OF 72 Divide 72 by the annual rate to estimate years to double. At 8%, 72 ÷ 8 = 9 years . The same maths works against you on debt. INFLATION, THE QUIET THIEF At 6% inflation, ₹100 of today's buying power shrinks to about ₹56 in ten years. Savings must earn more than inflation to keep their value. THE CREDIT CHECKLIST: ASK BEFORE YOU BORROW ■ Total payable: how much will I repay in all? ■ Interest rate: is it per year, and is it simple or compounded? ■ Fees: processing, late-payment and prepayment charges? ■ Need: would I still take this if I had to pay in cash? ■ Cushion: can I meet the instalment if my income dips for a month? ■ Lender: is it a bank, NBFC or app registered with the RBI? RUPEE WISE Financial Literacy & Responsible Spending · November 2026 CASE STUDY From Awareness to Action · A Social Impact E-Magazine 7 CASE STUDY · FINANCIAL INCLUSION 59 crore accounts, and one big question The Pradhan Mantri Jan Dhan Yojana opened the door to banking. Is everyone walking through it? Launched on 28 August 2014, PMJDY set out to give every household a basic bank account. Twelve years on, the Ministry of Finance reports 59.09 crore accounts as of 19 August 2026, up from 14.72 crore in 2015. They hold ₹3,16,514 crore in deposits, about 12.8 times the 2015 level, with an average balance of ₹5,356. Women hold 55.7% of the accounts, 77.8% are in rural and semi-urban areas, and 41.29 crore RuPay debit cards have been issued. That is a genuine achievement. Subsidies, scholarships and pensions can now reach a person's own account directly. MyGovIndia says ₹53 lakh crore has been transferred through direct benefit transfer to beneficiaries, including Jan Dhan account holders. But having an account is not the same as using one. An RTI reply reported by The Tribune found that about every fourth Jan Dhan account is inoperative, and that roughly 5.72 crore accounts carry a zero balance. Uttar Pradesh recorded the largest numbers of both. How to read that carefully: a zero balance does not always mean disinterest. A household that withdraws a benefit the day it arrives may simply have no spare money to hold. That is an interpretation, not a finding, but it points to the same place: an account helps most when people also have the skills, trust and income to keep money in it. JAN DHAN ACCOUNTS (CRORE) 14.72 2015 59.09 2026 WHO HOLDS THEM 55.7% 77.8% 25% Women Rural / semi-urban Inoperative (about 1 in 4) Source: Ministry of Finance / PIB data (19 Aug 2026) as reported by The Tribune and Outlook Money; RTI reply reported by The Tribune; MyGovIndia via Deccan Chronicle. “About 1 in 4” is the reported share, shown as 25%. WHAT THIS CASE TEACHES 1 Access is step one Opening an account solves the problem of reach. Using it well takes skills in saving, planning and digital safety. 2 Language & trust matter Financial education works best in local languages and through trusted local people, not only through apps. 3 Measure use Success is not the number of accounts opened but how many are active, funded and used with confidence. THINK ABOUT IT If you were designing the next phase of Jan Dhan, what would you add first? Free financial-skills sessions in the local language at the time an account is opened? An alert when an account has been idle for six months? A simple savings goal built into the account? Write down your idea and share it with a classmate or a family member who uses a Jan Dhan account. RUPEE WISE Financial Literacy & Responsible Spending · November 2026 CASE STUDY From Awareness to Action · A Social Impact E-Magazine 8 CASE STUDY · COMMUNITY FINANCE First save, then borrow How millions of rural households built a banking habit one small contribution at a time. A Self-Help Group (SHG) is a small group of neighbours, largely women, who meet regularly and each put a small amount into a common fund. They lend to one another from it, keep records, and repay on time. Once the group has a track record, it opens a bank account and can borrow from a bank. NABARD, with the approval of the RBI, launched the SHG-Bank Linkage Programme as a pilot in 1992. The model is often summed up as: first save, then borrow. The scale today is striking. As of 31 March 2025, 1.43 crore SHGs had savings linked to banks, covering about 17.1 crore rural households , and 84.94 lakh were credit-linked. Total SHG savings reached ₹71,433 crore, up 9.75% on the year. In 2024–25, 55.57 lakh SHGs received fresh loans totalling ₹2,08,283 crore. The repayment record is the remarkable part. The share of non-performing assets on bank loans to SHGs stood at just 1.74% nationally in March 2025. A reasonable reading, though not a proven cause, is that group saving, peer pressure to repay and regular meetings create the discipline that individual loans from an unfamiliar bank often lack. 17.1 crore rural households connected through SHGs with savings linkage (Mar 2025) 1.74% non-performing assets on bank loans to SHGs, Mar 2025 ₹71,433 cr total SHG savings with banks, up 9.75% in a year THE SHG CYCLE 1 Meet and save a fixed amount regularly ▶ 2 Lend small loans inside the group ▶ 3 Open a group bank account ▶ 4 Earn bank credit on a good record ▶ 5 Repay on time, build trust ▶ 6 Grow livelihoods and savings Source: Sa-Dhan, Bharat Microfinance Report 2025 (with NABARD), data as of 31 March 2025; NABARD Annual Report FY2025. Cycle simplified by the editor. What we can learn ■ Habit before credit. Regular small saving builds the discipline that borrowing needs. ■ Peers keep us honest. Group accountability supports on-time repayment. ■ Start small. Reliable small amounts compound into real capital over time. ■ Link to the formal system. Groups gain access to bank credit and safer saving. TRY IT: A FOUR-WEEK SAVING CIRCLE Form a group of 4–5 friends or classmates. Each member puts a small agreed amount (say ₹50) into a shared jar or notebook every week. Keep a simple ledger, meet for ten minutes and review it together. After four weeks, talk about what was easy, what was hard, and how the group kept each other on track. RUPEE WISE Financial Literacy & Responsible Spending · November 2026 IN CONVERSATION From Awareness to Action · A Social Impact E-Magazine 9 IN CONVERSATION · STUDENT MONEY A student, a budget and a festive sale “Riya”, 20, a second-year undergraduate, on how she took charge of her allowance. Editor's note: this is an illustrative interview. “Riya” is a composite character created for this issue to show common student money situations. No real individual is quoted. Q. When did you realise something was off? About three weeks into the semester. I paid for everything on UPI: a coffee here, a snack there. Then I had no idea where ₹3,000 had gone. Paying felt free because I never saw the money leave. Q. What did you change first? I started a simple note on my phone: amount, what it was, need or want. After two weeks I could see my wants were far bigger than I'd have guessed. Nobody had to tell me. The list did. Q. How do you handle festive sales? The 24-hour rule. I put the item in the cart and close the app. If I still want it tomorrow, and it fits my wants budget, I buy it. Very often the urge is gone by morning. Q. And “easy EMI” offers? I ask one question: what is the total I will pay? A small monthly number looks harmless. The total, with interest and fees, is the real price. Q. How do you save on a small allowance? On the day it arrives, ₹500 moves to a separate account automatically. I treat it like a bill I owe to future me. Even small amounts started to feel like a cushion. Q. What about friends who spend more than you? I plan around my budget, not their bill. Suggesting a cheaper place or splitting the cost is normal. Everyone's budget is different, and the good friends understand that. Q. Has it changed how you feel about money? Less guilt, more control. I still enjoy treats. I just choose them instead of drifting into them. Q. One tip for a friend? Start before you feel ready. You do not need a perfect budget, just a list and a pause. RIYA'S FIVE RULES 1 Log every payment for 30 days. 2 Wait 24 hours before non-essential buys. 3 Move savings out on payday, automatically. 4 Ask for the total cost before any EMI. 5 Keep payment alerts on and check weekly. Ask yourself before any purchase ■ Is this a need or a want ? ■ Can I pay for it without borrowing ? ■ Will I still use it three months from now? ■ What else could this money do for me? ■ Is there a cheaper way to get the same thing? ■ Would I buy it if I had to pay in cash today? RUPEE WISE Financial Literacy & Responsible Spending · November 2026 SAFETY REPORT From Awareness to Action · A Social Impact E-Magazine 10 SAFETY REPORT · DIGITAL FRAUD Fraud in the age of the tap What the official data say, and the habits that keep your money yours. The Reserve Bank of India's Annual Report 2025–26 records 10,114 bank fraud cases involving ₹48,021 crore , against 23,722 cases and ₹32,803 crore the year before. The surprise is where the money is: advances, meaning loans and credit facilities, made up 84.9% of the amount. Frauds on cards, internet banking and digital payments fell to 293 cases worth ₹29 crore, from 13,332 cases worth ₹517 crore in 2024–25. Do not read that as “scams are over”. These are frauds as reported by banks, and the RBI notes that a year's reported frauds may have occurred earlier. They are not a count of every scam attempt on every citizen. The recovery numbers are the real warning. The government told Parliament that banks reported 5,83,291 digital-payment fraud cases worth ₹3,588.22 crore between 2021–22 and September 2025. Only ₹238.83 crore, about 6.7%, has been recovered. Once money is gone, getting it back is hard, so prevention is the best protection. CARD, INTERNET AND DIGITAL-PAYMENT FRAUDS Amount involved (₹ crore) ₹1,452 2023–24 ₹517 2024–25 ₹29 2025–26 Cases: 28,836 → 13,332 → 293. Source: RBI Annual Report 2025–26 as reported by Business Standard and Outlook Money. 6.7% of reported digital-payment fraud losses recovered, FY22 to Sep 2025 (₹238.83 cr of ₹3,588.22 cr) SPOT THE SCAM: EIGHT RED FLAGS ! Urgency “Act in 10 minutes or your account is blocked.” ! OTP / PIN asks No genuine bank, app or officer asks for these. ! “Pay to receive” You never need to enter a PIN to receive money. ! Unknown links “KYC update” or prize links sent by SMS or chat. ! Screen-sharing Never install screen-sharing apps at a stranger's request. ! Fake care numbers Search results can be faked. Use the number on your card or bank site. ! Threat calls Calls claiming to be police or agencies, demanding money to “settle” a case. ! Too-good returns Guaranteed high profits are a classic investment-scam sign. IF IT HAPPENS TO YOU, ACT FAST 1 Call your bank Ask to block the card, account or UPI access straight away. 2 Call 1930 India's National Cyber Crime Helpline. Report the fraud immediately. 3 File online Register a complaint at cybercrime.gov.in with screenshots and transaction IDs. 4 Secure yourself Change passwords and PINs, and remove any remote-access app. Reporting early can improve the chance of stopping or freezing a transfer. Do not be embarrassed: scammers are professionals. RUPEE WISE Financial Literacy & Responsible Spending · November 2026 TEST YOURSELF From Awareness to Action · A Social Impact E-Magazine 11 TEST YOURSELF · ACT Quiz, challenge and glossary Five questions, thirty days and six words every money-wise reader should own. THE FIVE-QUESTION QUIZ 1 You borrow ₹100 at 10% simple interest a year for 2 years. How much interest do you pay? A) ₹10 B) ₹20 C) ₹30 2 ₹1,000 is saved at 8% a year with interest reinvested. After 2 years you have: A) ₹1,160 B) ₹1,166.40 C) ₹1,200 3 Inflation is 6% and your savings account pays 3%. After a year, your money can buy: A) More B) The same C) Less 4 Which statement is true? A) One asset is the safest place for all savings B) Spreading savings across assets can reduce the risk of a big loss C) Risk and return are unrelated 5 A caller says they are from your bank and asks for your OTP “to stop a fraud”. You should: A) Share it quickly B) Hang up and call the bank's official number C) Share it if they know your name ANSWERS & SCORE 1-B (10% x 2 years x ₹100). 2-B (1,000 x 1.08 x 1.08). 3-C (prices rise faster than savings). 4-B 5-B (never share an OTP). 5 right: money-wise. 3–4: on track. 0–2: start with page 6. THE 30-DAY MONEY CHALLENGE WEEK 1 Track Log every payment with a category. No judging, just noting. WEEK 2 Trim Spot three wants to cut. Cancel one unused subscription. WEEK 3 Save first Set an automatic transfer on payday, even ₹100. WEEK 4 Shield Switch on payment alerts, review UPI limits, save the 1930 helpline. MINI GLOSSARY Term Meaning Budget A plan for income and spending. Compound interest Interest earned on earlier interest. Inflation A general rise in prices over time. EMI Equated monthly instalment on a loan. Emergency fund Cash set aside for sudden expenses. Diversification Spreading money to reduce risk. RUPEE WISE Financial Literacy & Responsible Spending · November 2026 SOURCES From Awareness to Action · A Social Impact E-Magazine 12 CLOSING NOTE From awareness to action Financial literacy is a skill, and skills are built by practice. You do not need a large income, a finance degree or a perfect plan. You need a number to remember, a habit to start and a scam signal to never ignore. Remember 27% Roughly three in four adults struggle with basic money concepts. Be the one who learns, and then teach one other person. Start one habit Track for 30 days, or save first on payday. Pick one, begin this week, and build from there. Guard your OTP No one with a genuine reason will ever ask for it. If in doubt, hang up and call 1930 or your bank. SOURCES & REFERENCES 1. Business Standard / Capital Market (7 Jan 2016). S&P Study Shows Three-Fourth Indian Adults Not Financially Literate. business-standard.com 2. UNCTAD (July 2022). CUTS International submission on Financial Consumer Protection, incl. Financial Education and Literacy. unctad.org 3. Entrepreneur India. India's Unfinished Road to Financial Inclusion (cites NCFE survey). entrepreneur.com 4. AgEcon Search. Study of financial literacy in Kerala (cites NCFE 2019). ageconsearch.umn.edu 5. Reserve Bank of India. RBI Bulletin: Financial Literacy in India: Insights from a Field Survey. rbi.org.in 6. Entrepreneur India (3 Nov 2026). UPI Hits Record 25.47 Bn Transactions in October (NPCI data). india.entrepreneur.com 7. Outlook Money. UPI Average Daily Transaction Value Crosses Rs 1 Lakh Crore for First Time Ever in October. outlookmoney.com 8. LapaasVoice (Nov 2026). UPI average daily transaction value crosses ₹1 lakh crore amid festive spending. lapaasvoice.com 9. The Pioneer / PTI (3 Oct 2026). UPI volume rises 27% to touch 145 billion in first half of FY27. dailypioneer.com 10. The Tribune (Aug 2026). Jan Dhan marks 12 years as deposits climb 12.8 times to Rs 3.17 lakh crore. tribuneindia.com 11. Outlook Money (Aug 2026). PM Jan Dhan Yojana completes 12 years: 59.09 crore accounts (PIB data). outlookmoney.com 12. The Tribune. Every fourth Jan Dhan account inoperative in India; 5.72 crore have zero balance: RTI. tribuneindia.com 13. Deccan Chronicle. Modi hails Jan Dhan Yojana's transformative impact as scheme turns 12. deccanchronicle.com 14. Sa-Dhan. Bharat Microfinance Report 2025, Chapter 5: SHG Bank Linkage Programme (with NABARD). sa-dhan.net 15. NABARD. Annual Report FY2025 (SHG-Bank Linkage disbursements). nabard.org 16. Business Standard (29 May 2026). Bank fraud cases halve, but value climbs to ₹48,000 crore: RBI data. business-standard.com 17. Outlook Money. Fraud cases fall but amount involved climbs to Rs 48,021 crore in FY26, says RBI Annual Report. outlookmoney.com 18. Hello Banker. Digital payment frauds cross 5.83 lakh cases, ₹3,588 crore involved: Government (Parliament reply). hellobanker.in 19. Prelec, D. & Loewenstein, G. (1998). The Red and the Black: Mental Accounting of Savings and Debt. Marketing Science , 17(1). 20. Warren, E. & Tyagi, A. W. (2005). All Your Worth: The Ultimate Lifetime Money Plan. Free Press. DATA NOTES Survey figures come from different years and methods (S&P 2014 fieldwork; NCFE 2018–19), so they are shown side by side rather than combined. Programme data are the latest figures published in the cited reports. Illustrative figures (the ₹10,000 allowance, the 8% growth rate, the “Riya” interview) are marked as such. This magazine is educational and not financial advice. COLOPHON Rupee Wise , Vol. 1, November 2026.