In August 2014, Prime Minister Narendra Modi announced the “Pradhan Mantri Jan-Dhan Yojana” (Prime Minister’s People’s Wealth Scheme, or PMJDY) to provide 75 million unbanked Indians with zero-balance bank accounts—delivering access to a full range of financial services, including pension, credit and insurance. The actual accounts numbers have exceedingly surpassed these estimates.

The initiative’s results are clear: Many more Indians now have bank accounts. Financial Inclusion Insights show that a little less than two-thirds of adults (63%) are financially included, with over six in ten (62%) having bank accounts. The country remains one of the largest and poorest in the world, ranking 160th in per-capita GDP, with nearly two in three citizens (65%) living below the $2.50/day poverty line. Now, however, consumers have access to insurance and can receive government benefits delivered to a debit card rather than less-secure means. Growing financial inclusion will open up services to poor, rural and other disadvantaged groups, population segments that have not always had easy access to financial services in the past.

Financial Inclusion

Total Financially Included
Financial Inclusion Breakdown By Accounts
Account Ownership By Year
30% of Indian adults are digitally included (have digital access to a financial account).


Financial Inclusion By Poverty
Adults Who Have a Financial Plan for Unexpected Events
Adults Who Have Borrowed Money In The Last Year
40% of Indian adults are active bank account users.


Bank Account Holders
By Poverty Level
By Literacy
Indian bank account holders are primarily located in rural areas, literate, and living on less than $2.50 a day.

True or false

More than 60% of all bank account owners are active users (i.e., have used their account at least once in the past 90 days).

True (69%)

True or false

The main reason Indians do not register a bank account is lack of money to use the account.

True (52%)

What percentage of Indians have used a savings or lending group within the past 90 days?

A. 1%
B. 13%
C. 21%
D. 6%
A. 1%

What percentage of financially included women have PMJDY bank accounts?

A. 53%
B. 31%
C. 20%
D. 42%
B. 31%

What percentage of the Indian population is numerate?

A. 90%
B. 45%
C. 72%
D. 97%
A. 90%

True or false

MFI’s are the most commonly used Non-Bank Financial Institution (NBFI) in India.

False (Formal savings and/or lending group is most commonly used)