India accounts for 55% of new bank accounts opened globally: World Bank

Tuesday, April 24, 2018

India’s financial inclusion efforts have won recognition from the World Bank as their data indicate that 55 per cent of new bank accounts opened are from India, Financial Services Secretary Rajiv Kumar said.

“WorldBank Global Findex Report recognises India’s Financial Inclusion efforts. Of the 51.4 crore bank accounts opened from 2014-17 globally, a whopping 55% from India” he said in a tweet.

The World Bank report released on Thursday cited the success of the Jan Dhan Yojana — the government’s initiative aimed at bringing masses within the formal banking system.

The total number of Jan Dhan account holders has risen to 31.44 crore in March, 2018, from 28.17 crore a year earlier, according to the government data.

Photo courtesy of Peter Haden.

Source: Business Today (link opens in a new window)

financial inclusion