'Financial inclusion improved in FY13 as banking services gained ground, with the number of savings accounts and bank branches registering fastest growth in four years'
Financial inclusion improved in FY13 as banking services gained ground, with the number of savings accounts and bank branches registering fastest growth in four years, Crisil said on Thursday. As many as 11.7 crore new savings accounts opened in FY13, an increase of 16.8% y-o-y. Bank branches crossed the 1-lakh landmark.
Continued progress in banking services and addition of micro-finance institutions (MFI) data helped Crisil Inclusix register a score of 50.1 at the end of FY13, from 42.8 at the end of FY12, the rating agency said in a report.
However, the index values for the two years are not directly comparable as MFI data was not available for FY12. Crisil Inclusix measures the extent of financial inclusion in India across its 652 districts.
It, however, found basic financial services remained under-penetrated. One-third Indians did not had a savings account at the end of FY13, while only one in seven had access to credit, it said. “We expect tailwinds to financial inclusion from policy steps taken such as the Pradhan Mantri Jan Dhan Yojana (which has not been factored in this edition of Inclusix), and differentiated banking licences,” said Raman Uberoi, president, corporate affairs, Crisil. Under Jan Dhan Yojana, over 14 crore savings accounts have been opened, which will add to the Inclusix score for 2015, he added.