Interactive Discussion on "Banking Every Indian"

Discussion in Progress

Subsequent to an interactive discussion in August 2014 on the significance of digital financial inclusion in India for bridging the poor households with the financial system where we discussed the foundational aspects of digital financial inclusionGPPI organized a discussion on ‘Banking Every Indian’ following the recently launched Jan Dhan Yojana on March 16, 2015.

Despite various advances in financial inclusion in the last 25 years and a diverse ecosystem of providers as a result of the efforts of the regulators and the policymakers to bring banking access to this large populous country, India has much to do to achieve universal financial inclusion.

The 2014 Intermedia Financial Inclusion Insights (FII) survey of 45,000 Indian adults found that 47% of adults have access to a digital account and only 25% had used their accounts in the last 90-days. Among Indian adults who live on less than $2.50 per day, only 20% have access to an account and 3% use their account for more than basic payments.

Through this discussion, we tried to understand the various nuances about financial inclusion, where are we today in terms of achieving it, the Jan Dhan Yojana scheme and its status, and what basic steps the government could take to make it achievable and meaningful. 

There were 22 Indian Parliamentarians, across the political spectrum, who attended the discussion on the evening of a parliamentary debate on the finance bill. CGAP (Kabir) and MicroSave (Mukesh, Manoj) presented broad perspectives on the growth of digital financial inclusion to provoke interventions from the attending members.