Challenges before Indian financial space

Various challenges still remain within the Indian financial sector, while it continues to be hot on the heels of its growth. The challenges, however, span structural, socio-economic, and compatible with prevalent global economics.
-Financial Literacy
Despite the massive growth of financial literacy programs, India still faces a bigger challenge in this regard in the inclusive access of the majority to the financial system. The Standard & Poor's Survey reported that financial literacy in India was 24%, much lower compared to other developed countries. This shows a lack of awareness among the majority of population about basic financial concepts, investment options, and proper budgeting that would keep them away from interacting with the financial system.
The government and private sectors have also taken a number of initiatives to improve financial literacy; still, much less is done with respect to empowering people to make informed financial decisions.
-Regulatory and Compliance Challenges
Although there have been improvements with regulatory schemes; many in the financial sector still face compliance challenges, mainly because the regulatory structure is still evolving, making the multiplicity of rules and guidelines imposed by RBI, SEBI, and others immensely challenging to confront.