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Better financial inclusion: create an enabling environment for the underserved to save, borrow and invest

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Abstract

Individuals and households need a safe and accessible place to store their savings and a convenient way to access inexpensive credit. They also need adequate insurance to protect them from the financial burden associated with unforeseeable events. Additionally, they need reliable investment options that help meet their long-term financial goals. These are the basic essentials that a financial inclusion initiative must aim to fulfil.

The Jan Dhan Yojana marked the beginning of concerted government policy in moving towards fulfilling this promise. According to World Bank’s Findex report, between 2014 and 2018, the number of adults in India without access to banking services reduced by half, from 47% to 23%. The Government then proceeded to provide linked life and accident insurance and pensions to bring most financial needs under one roof.  The push for digital payments, including through subsidising UPI, has caused an admirable increase in adoption of retail digital platforms. But adults with dormant bank accounts have remained stubbornly high at 57%.

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Authors :

Deepti George

Deepti George

Deputy ED and Head of Strategy

Dwijaraj Bhattacharya

Dwijaraj Bhattacharya

Head - Financial Systems Design

Tags :

Digital Financial Inclusion

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