India’s financial inclusion efforts have won recognition from the World Bank as their data indicate that 55 per cent of new bank accounts opened are from India, Financial Services Secretary Rajiv Kumar said today.
“WorldBank Global Findex Report recognises India’s Financial Inclusion efforts. Of the 51.4 crore bank accounts opened from 2014-17 globally, a whopping 55% from India” he said in a tweet.
The World Bank report released yesterday cited the success of the Jan Dhan Yojana — the government’s initiative aimed at bringing masses within the formal banking system.
The total number of Jan Dhan account holders has risen to 31.44 crore in March, 2018, from 28.17 crore a year earlier, according to the government data.
As per the WorldBank Global Findex Report, adult bank account holders in India increased to 80 percent in 2017 as compared to 53 percent in 2014 and 35 percent in 2011, he said.
Women at the forefront, he said, highlights a sharp fall in gender gap from 20 percent in 2014 to 6 percent in 2017 in bank accounts due to Government efforts.
The report acknowledges impact of government policy in reducing gaps in bank account ownership between rich and poor to 5 percent in 2017, down from 15 percent in 2014, he added.
The Global Findex Report, 2017 released by the World Bank noted the rapid increase in financial inclusion that has taken place in India and how the number of account holders in the country has risen from 35 percent of the adults in 2011 and 53 percent in 2014 to 80 percent in 2017.
This, it states, is comparable to 80 percent of adults in China who have an account.
The Report also attributes this progress as being driven by the Jan Dhan Yojana policy which has used biometric ID to expand access to financial services.
It may be pertinent to note that the Report sources its data largely from surveys that were conducted in the summer of 2017.moneycontrol