Unbanked population down to 233 million - IAMAI

Unbanked population in India has declined to 233 million from 557 million in 2011. There has been a dramatic drop in the unbanked population since the Jandhan Yojna (PMJDY) was launched; leading to a dramatic drop of 182 million. This was revealed by a PwC India report prepared for Internet and Mobile Association of India (IAMAI) and Payments Council of India (PCI).

 

 

Commenting on request, Dr. Subho Ray, President, IAMAI, said: “While the change is dramatic, it would have been more effective and sustainable, if the digital payment instruments were made a part of financial inclusion programme. In fact, the PwC report states the rapid uptake and use of digital payment instruments like Prepaid Payment Instruments including wallets.”

 

 

IAMAI strongly reiterates the fact that digital payments should be an integral part of the Financial Inclusion programme for acceleration.