Almost Every Household in India Has a Bank Account, Says Labour Bureau

Monday, October 3, 2016

Almost every household in the country is a part of the banking system, mainly due to government’s financial inclusion plans, the latest Labour Bureau data showed.

Around 94.4 per cent households had a saving bank accounts in 2015-16, results of the Fifth Annual Employment-Unemployment Survey revealed. The figure was much higher than the official figure (58.7 per cent) of households with saving bank accounts in India, as per Census 2011.

While 93.4 per cent households in rural areas had a bank account, 96.8 houses had a savings bank account in the urban parts. In Daman and Diu and Lakshwadeep, all the households surveyed had saving bank accounts. Chandigarh had 99 per cent households with saving bank accounts whereas households in Nagaland had the least, 79.2 per cent, access to the banking system.


Source: The Hindu (link opens in a new window)

financial inclusion, savings