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Increase in financial inclusion in India, says Global Findex Report 2017

New Delhi: A rapid increase in financial inclusion has taken place in the country says the Global Findex Report, 2017 released by the World Bank. 

The report says the way in which 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.

According to the report, this growth is comparable to 80% of adults in China who own a bank account.

It also supports the growth prompted by the Jan Dhan Yojana scheme. This has used the biometric ID to expand access to financial services.

Moreover, it may be relevant to remark that the report sources its data largely from surveys that were conducted in the summer of 2017.

As per the government data sourced from the banks, the total number of Jan Dhan account holders has risen from 28.17 crores in March 2017 to 31.44 crore in March 2018.

The total number of current and savings accounts in banks has increased from 122.3 crores in March 2015 to 157.1 crore in March 2017.

The report states that about 51.4 crore accounts have been opened globally from 2014 to 2017.

It is heartening to see that of these 51.4 crore accounts, the number of Jan Dhan Accounts opened in India during the same period is about 28.17 crore, constituting almost 55 percent of the accounts opened globally during this period.

Further, the report takes cognizance of the "dramatically increased account ownership" in India and the reduced gender gap in ownership by six percentage points vis-a-vis 2014 with 83 percent of the men and 77 percent women now having an account. 

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