New Delhi: Strong digital infrastructure, recruitment of careful bank branches, increasing cellular transactions and leaps in the number of bank branches has increased the Indian financial inclusion metrics, said an economist in the state of the Bank of India (SBI).
“India has stolen a parade in financial inclusion with the initiation of the Jan Dhan Yojana (PMJDY) Prime Minister’s account since 2014, using a banking correspondent model (BC) wisely to involve financial inclusion,” record the report.
It is also said that the BC model has been activated to provide a variety of banking services at low costs and play an important role in increasing financial inclusion.
What in the financial inclusion of the World Bank defines financial inclusion as a situation in which businesses and individuals have access to useful and affordable financial products and services.
Having easy access to a bank account where someone can make a transaction is the first step towards a wider financial inclusion.
Progress so far India has made progress that should be noted either in terms of the increase in the number of deposit accounts and also in terms of using digital payments.
A good financial inclusion policy has a multiplier effect on economic growth, reducing poverty and income inequality, while also conducive to financial stability.
With cellular transactions and internet banking rose to 13,615 per 1,000 adults by 2020 from 2015 and the number of bank branches edged up to 14.7 per 1 lakh adult in 2020 from 13.6 in 2015, India is now higher than Germany, China and South Africa in financial inclusion metrics.
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