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We launched our new State of the Campaign Report, Mapping Pathways out of Poverty in India, the epicenter of the current financial inclusion transformation. For two days at the Access/Assist Inclusive Finance India Summit, I heard about all of the technological and regulatory innovations that will be driving access to finance in the country over the next decade. Over the past 12 months, the government, regulators, and financial institutions of India have made huge strides, providing first time bank accounts to over 300 million people.
Some of the other numbers reported at the Inclusive Finance India Summit were just as staggering:
- The country has more than 568,000 banking outlets now (including banking agents), compared with only 2,000 just 10 years ago.
- In its first 68 years of existence, the Reserve Bank of India approved 12 new banks. In the next two years, 23 new banks will be established (i.e., 11 Small Finance Banks, 10 Payments Banks, and 2 Commercial Banks).