*BSBDA: Basic Savings Bank Deposit Account is a no-frill savings account without the need to maintain minimum balance and where no charges are levied.

♤ Over the last 7-8 years, banks have expanded their presence, and differentiated banks –

payments banks and small finance banks – are set to take this further.

♤ However, It was Pradhan Mantri Jan Dhan Yojna (PMJDY), that brough tectonic shift in process of FI in India. It will be discussed in detail later.