The State of Financial Inclusion in India

15 million bank accounts were opened, creating a world record, on the first day of Pradhan Mantri Jan Dhan Yojana. A total of 320 million bank accounts were opened within 4 years of launching the scheme in 2014. With Pradhan Mantri Jan Dhan Yojana, the target of the government was promoting financial inclusion.

While India fares well on the deposit accounts aspect due to constant regulatory pushes like Jan Dhan Yojana, no-frills accounts and Direct Benefit Transfers(DBT), real financial inclusion should translate into availability of institutio ...

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