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8 months ago

ICYMI - World Bank's report on financial inclusion in India.

Main points - 

  1. India's Digital Payment Infrastructure (DPI), comprised of Jan dhan accounts, Aadhaar and mobile phones, has helped the country to achieve an 80% financial inclusion rate in just six years.
  2. Without this initiative, India would achieved the same in 47 years.
  3. Total value of UPI transactions in FY23 amounted to nearly 50% of India's nominal GDP.
  4. A bank's average cost for customer onboarding has decreased from $23 to $0.1, mostly owing to robust digital infrastructure.
  5. DBT program has enabled India to save $33 billion, equivalent to almost 1.14% of its GDP.
  6. 25% of adults held transaction accounts in 2008, today it is at 80%.
  7. Due to Pradhan Mantri Jan Dhan Yojana, the number of accounts trippled from 147.2 million in March 2015 to 462 million by June 2022.
  8. 56% of the above mentioned accounts are owned by women.
  9. DPIs have also streamlined Know Your Customer (KYC) procedures, leading to cost reductions, with banks utilizing e-KYC witnessing a drop in compliance costs from $0.12 to $0.06.

prateekchopra
.8 months ago

47 years of work done in just 6 years. I think UPI, backed by a solid digital infrastructure, is Bharat's one of the biggest win. 

prateekchopra
.8 months ago

Thank you for sharing this :))