Formal banking comes to the fore

Abstract

As the Inclusive Finance India Report gets into its tenth year, there are exciting developments. The discourse of inclusion is moving beyond specialized interventions (such as microfinance). In India, the policy discourse has moved from replacing the “evil and oppressive money lender" to provision of services from the formal financial system.

According to the Global Findex report, India is home to 21% of the world’s and two-thirds of South Asia’s unbanked population (Demirgüç-Kunt et al: 2014). Findex also notes significant progress achieved between 2011 and 2014 where 18% of the adult Indian population was brought into the banking system. With initiatives such as Pradhan Mantri Jan Dhan Yojana, some of these numbers are expected to rise significantly. Read more at: https://www.livemint.com/Industry/qFFUGVJVjiMLnV5Zor24uM/Formal-banking-comes-to-the-fore.html