Article 21-A of the Indian Constitution came to be known as the Right to Education (RTE)Act, 2009, which mandates free and compulsory schooling for children aged between six and fourteenyears and a new paradigm of elementary education in India. However, ten years on, there are concernsregarding the efficacy of the financial management, the awareness of the stakeholders, and the effecton the ground level of enrollment and quality results. The purpose of this paper is to provide an indepth impact assessment of the RTE scheme in primary schools in Nagpur District, Maharashtra, andfinancial management practices, in particular. The survey was planned as a mixed survey (crosssectional survey) with the primary data to be collected on 276 respondents (head teachers, classroomteachers, members of the School Msanagement Committee (SMC), and officers of the Block ResourceCentre/Cluster Resource Centre (BRC/CRC) in 46 government and private-aided schools. The mainones were structured questionnaires and semi-structured interviews. The findings indicate that thecentral RTE provisions knowledge is relatively good, whereas the elements of financial management,in the manifestation of timely reimbursement, fund transparency, and SMC financial competence, arestill deplorable. Gross enrollment ratios and attendance of children in the economically weaker section(EWS) have also increased, but indicators of quality and standards of infrastructure areunderdeveloped. Bureaucratic delays in the process of disbursement of funds and weak audit systemsare the most significant obstacles. According to the research, it is recommended that the fiscaldevolution to SMCs, the development of a real-time financial tracking portal, and the capacity buildingof local governance actors should be strengthened in order to help make the RTE effective in NagpurDistrict.