India at the forefront of global bank account growth
Adult Indians are transacting more through their bank accounts and restricting the use of cash, a behavioural shift that could help improve the government’s tax revenues. Four-fifths of Indian adults have opened bank accounts by 2017, compared with just 53% in 2014, when the incumbent government came to power, show data from the Global Findex Report that highlighted New Delhi’s contribution to global growth in financial inclusion. The World Bank released the report late Thursday. Findex, launched with funding from the Bill & Melinda Gates Foundation, tracks data on how adults save, borrow, make payments, and manage risk. The report shows the rapid increase in financial inclusion that has taken place in India, with an increasing number of account holders in the country. The share was ju...