India now leads the financial inclusion indicators compared to China, with mobile and internet banking transactions increasing to 13,615 per thousand adults in 2020 from 183 in 2015.
The number of bank branches rose from 14.7 per lakh of adults in 2020 to 13.6 in 2015. These records are higher than in Germany, China and South Africa, according to a report by economists from the State Bank of India.
What is financial inclusion?
According to the World Bank, the term âfinancial inclusionâ refers to a situation in which individuals and businesses are able to effectively access affordable financial products and services.
An individual having access to a bank account to carry out transactions is the first step towards building this inclusive community.
States declaring financial inclusion by opening more bank accounts, educating the masses on the use of digital services and instilling a sense of responsibility have also resulted in a decrease in criminal activity as well as in the consumption of alcohol and drugs. drug addiction.
The number of savings accounts has increased. Also, the reason for this is an increase in digital transactions.
Bank account statistics
Prime Minister of the central government Jan Dhan Yojana (PMJDY) has been one of the main reasons for the increase in the number of bank deposit accounts.
About 43.7 crore of restricted bank accounts have been opened with a deposit of Rs 1.46 crore lakh until October 20, 2021. Of these, nearly two-thirds are active in rural and semi-urban areas. About 78% of these accounts are associated with public banks, about 18.2 with regional rural banks and 3% with private banks.
In addition, the number of bank outlets in villages / correspondent banks (CB) increased from 34,174 in March 2010 to 12.4 lakh in December 2020, according to the Times of India.
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