Financial Inclusion

Financial inclusion in India is a major focus of the Indian government. With over half of India's population excluded from the formal banking system, the government has taken various steps to increase the access of banking services to the unbanked population. This includes initiatives like the Pradhan Mantri Jan Dhan Yojana (PMJDY), which opened more than 330 million bank accounts for the unbanked population in India. The future growth of financial inclusion in India is positive and expected to continue in the coming years. According to a report by the World Bank, the number of bank accounts held by Indians has grown from about 200 million in 2014 to over 650 million in 2019, with most accounts opened through the PMJDY. Further, digital payments are also expected to grow rapidly, with the value of mobile payments projected to reach $1 trillion by 2023. The government has also been introducing various initiatives to promote digital payments, such as the Unified Payments Interface (UPI) and the BHIM app, which has helped increase access to digital payment services.