Global Findex Report, 2018: India’s performance in Financial Inclusion

♤ In the last seven years, India has taken massive strides towards financial inclusion. When the first Global Findex Database was released by the World Bank in 2011, it stated that 40% of adult Indians had a bank account.

♤ An overwhelming majority of Indians, especially in rural areas, were financially weak and were effectively excluded from the formal economy. Seven years later, almost 80% of adult Indians have bank accounts.

♤ Today, 90% of India’s 1.3 billion population have a unique Aadhar identity, which is vital for

meeting anti-money laundering "know your customer" (KYC) requirements.

♤ In the last four years, 330 million new Jan Dhan bank accounts have been opened.

♤ Mobile penetration is expected to reach 90% by 2020. Internet penetration has soared, and the use of digital payments is also rising significantly.