In August 2014, Prime Minister Narendra Modi announced the “Pradhan Mantri Jan-Dhan Yojana” (PMJDY) scheme to combat black money in the economy and provide 75 million unbanked Indians with zero-balance bank accounts— delivering access to a full range of financial services, including pension, credit and insurance. Between 2014 and 2018, the proportion of the financially included population grew from 54% to 81%.

Bank accounts are the main driver of financial inclusion. Four in five (79%) adults in India had a registered bank account in 2018. In addition to PMJDY, the Indian government has enacted initiatives to expand quality and delivery of digital financial services (DFS) through Aadhaar biometric identification. Aadhaar cards are being linked with mobile phones, SIM cards and financial service accounts to improve delivery of government schemes and benefits. These initiatives have helped to grow the financial inclusion market in India and encourage previously underbanked populations such as women, rural and below poverty individuals to access formal financial institutions.

Financial Inclusion

Total Financially Included
Financial Inclusion Breakdown By Accounts
Account Ownership By Year
75% of 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
54% of adults are active users (in past 90 days) of their formal financial accounts.


Bank Account Holders
By Poverty Level
By Literacy
Registered PMJDY account holders are primarily female, live in rural areas, and have incomes below the $2.50/day poverty line.

What percentage of the Indian population has access to digital financial services through banks?

A. 23%
B. 12%
C. 37%
D. 46%
C. 37%

What percentage of women in India own a mobile phone?

A. 44%
B. 8%
C. 65%
D. 20%
A. 44%

What percentage of financially included women have PMJDY bank accounts?

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

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)

True or false

69% of bank account holders are located in urban localities in India.


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%