Financial Inclusion Metrics – SBI Report

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Financial Inclusion Metrics – SBI Report

According to a report by State Bank of India (SBI), India has now overtaken China in the financial inclusion scenario/Financial Inclusion Metrics.

Financial inclusion means individuals and businesses have access to useful and affordable financial products and services that meet their needs.

Key findings of SBI’s recent report

  • The number of bank branches per one lakh adults in India increased from 13.6 in 2015 to 14.7 in 2020. This is more than Germany, China and South Africa.
  • Mobile and Internet banking transactions per thousand adults increased to 13,615 in the year 2019 from 183 in the year 2015.
  • There has been a clear decline in crimes in the states which have high balance in Pradhan Mantri Jan-Dhan Yojana (PMUDY) accounts.
  • There has been a statistically significant and economically significant decline in the consumption of narcotic substances such as alcohol and tobacco products in such states.
  • The Banking Correspondent (BC) model has gradually eliminated the need for setting up physical branches.
  • It may be noted that at present the number of banking outlets in villages has increased from 34,174 in March 2010 to 12.4 lakh in December 2020.
  • PMJDY is a national mission launched for financial inclusion. It aims to ensure affordable access to financial services i.e. a basic savings and deposit account, remittance, credit, insurance and pension.
  • Under this scheme, a Basic Savings Bank Deposit Account can be opened in any bank branch or Business Correspondent (BC) outlet by individuals who do not have a bank account.

Source- The Hindu

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