ICYMI - World Bank's report on financial inclusion in India.
Main points -
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.
Without this initiative, India would achieved the same in 47 years.
Total value of UPI transactions in FY23 amounted to nearly 50% of India's nominal GDP.
A bank's average cost for customer onboarding has decreased from $23 to $0.1, mostly owing to robust digital infrastructure.
DBT program has enabled India to save $33 billion, equivalent to almost 1.14% of its GDP.
25% of adults held transaction accounts in 2008, today it is at 80%.
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.
56% of the above mentioned accounts are owned by women.
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.