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LATEST NEWS UPDATES | India still among countries with poor access to banking: Report -Madhumita Paul

India still among countries with poor access to banking: Report -Madhumita Paul

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published Published on Jul 5, 2022   modified Modified on Jul 6, 2022

-Down to Earth

More than half of population without access to banking lives in 7 developing countries: World Bank

India is among seven countries home to half the world’s 1.4 billion adults without access to formal banking, a recent World Bank report has flagged.

The report also noted that in Sub-Saharan Africa, young adults (ages 15–24) make up almost 40 per cent of those without access to banking. But in some European and Central Asian countries, older adults are more likely to lack access.

Large shares of the global population without formal banking (130 million and 230 million, respectively) lives in India and China because of their size. Pakistan, with 115 million unbanked adults and Indonesia, with 100 million, have the next-largest population without banking access. 

People without an account at a financial institution or a mobile money service provider have been classified as unbanked. 

These four countries, together with Bangladesh, Egypt and Nigeria, have 54 per cent or 740 million people of the global unbanked population.

Please click here to read more. 


Down to Earth, 5 July, 2022, https://www.downtoearth.org.in/news/economy/india-still-among-countries-with-poor-access-to-banking-report-83542?fbclid=IwAR23Rf3uTtE4vIwO9-t7a-TSpWiFxS39r4xJVQKLHCf3xmZoO54xJHNiUXE


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