Indias unbanked population halves to 233 million - Livemint

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Last Modified: Wed, Oct 14 2015. 10 50 PM IST

A PwC report says the largest fall in Indias unbanked populationa fall of 182
millioncame in 2014

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Vishwanath Nair

After its launch on 15 August last year, the financial inclusion plan had begun with a large
number of bank accounts being opened across the country. Photo: Hemant Mishra/Mint

Mumbai: Indias unbanked population has more than halved to 233 million in 2015 from 557
million in 2011, according to a report prepared by PricewaterhouseCoopers India for the
Internet and Mobile Association of India (IAMAI) and Payments Council of India (PCI).
The report, released on Tuesday, said the largest fall in Indias unbanked populationa fall of
182 millioncame in 2014, the year Prime Minister Narendra Modi launched an ambitious

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financial inclusion called the Pradhan Mantri Jan Dhan Yojana (PMJDY) to ensure every
Indian household has a bank account.
After its launch on 15 August last year, the financial inclusion plan had begun with a large
number of bank accounts being opened across the country. According to data available on
the PMJDY website, as of 7 October, a total of 187 million new accounts have been opened
under the scheme, with a balance of over Rs.25,000 crore.
Nearly 40% of the new accounts opened still carry zero balance, the PMJDY data showed.
Currently, PMJDY is in its second phase, under which new customers are being issued life
and accident insurance covers.
Vishwanath Nair

TOPICS: UNBANKED POPULATION

FINANCIAL INCLUSION

BANKING

JAN DHAN YOJANA

PWC REPORT

First Published: Wed, Oct 14 2015. 10 50 PM IST

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