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World Bank report endorses massive financial inclusion undertaken in India

total number of Jan Dhan account holders has risen to 31.44 crore in March, 2018, from 28.17 crore a year earlier

A World Bank report clearly mentions that as much as 55 percent of the new bank accounts opened globally are from India itself.

The central government is propagating it to be testimony to the India’s financial inclusion efforts.
Financial services secretary Rajiv Kumar cited the World Bank Global Findex Report to point out that of the 51.4 crore bank accounts opened from 2014-17 globally, a whopping 55% from India.

The World Bank report released on Friday 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.

As per the World Bank Global Findex Report, the percentage of adult bank account holders in India increased to 80% in 2017 as compared to 53% in 2014 and 35% in 2011, he said.

Women have also been the beneficiary as the report highlights a sharp fall in gender gap from 20% in 2014 to 6% in 2017 in bank accounts.

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World Bank report endorses massive financial inclusion undertaken in India
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