The genesis and significance of financial literacy have come into the limelight since the worldwide economic collapse. Financial literacy is expected controlling device for the unrestricted poverty and economic disparity in India. The Government and financial sector regulators have envisaged “National Strategy for Financial Education”(2020-25) through a very new “5-C” approach “Content”,“Capacity”,“Community”,” Communication” and “Collaboration” to uplift the existing reduced financial literacy rate. This paper elucidates on different initiatives grabbed by the supervisory agencies of India to excel the “financial literacy” among the individuals in the country and alongside compares financial literacy rates state wise in India and with fastest growing countries in Asia. This paper is purely based on various documents published by the regulatory bodies and reviews of research articles. The significance of this paper is advocated as policy makers and research scholars may see it as a value addition to the present literature of financial literacy.