With 1.57 bn accounts, 80% Indians save outside banks: World Bank

The increase in the number of bank accounts bodes well for the financial system as the dependence on informal and unorganised players reduces for both savings as well as credit

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India’s adoption of Jan Dhan scheme as well as biometric Aadhaar cards-based account opening has led to a massive shrinkage of the gender gap in financial inclusion, the World Bank said in a report released late Thursday night. The Global Findex database collects data from across the world on how adults save, borrow, transact, and interact in the financial system.  The report highlighted key victories for India such as a total account ownership of 80 per cent of the population in 2017, compared to just 53 per cent in 2014. Now, 83 per cent males and 77 per cent females ...