The World Bank has recognized India’s financial inclusion efforts. World Bank Global Findex Report data indicates 55% of new bank accounts opened globally are from India.
This has been written in a tweet by Financial Services Secretary Rajiv Kumar. He also shared that the World Bank report, which was released on Friday, also shared about the success of the Jan Dhan Yojana. This Yojana has successfully brought masses within the formal banking system.
Financial Services Secretary Rajiv Kumar has mentioned loudly about the success of the Jan Dhan Yojana. As a result of this Yojana, India is having 55% share in the 51.4 crore bank accounts opened from 2014-17 globally. The report also shows that the Indian government’s policy of reducing gaps in bank account ownership between rich and poor has worked well and it is 5% in 2017, down from 15% in 2014.
A rapid increase in financial inclusion has taken place in India and this is recognized by the World Bank in its The Global Findex Report, 2017.