What does data say about financial inclusion in India? A small screen capture video to look at some insights

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Finance Dragon Opinion:

There has been a lot of opinion about financial inclusion in India. A lot has been achieved but more needs to be done.

During our research, we came across an interactive map created by kiln.digital for the British news service provider, The Guardian back in 2015. Some sections make a lot of sense even after 6 years if you look at the data on India. Here is a look:

We have captured it in the form of a screen grab but the link for the same is provided below if you want to take a closer look at what kiln.digital has done.

Yes, the data universe (can be seen at top right) may vary for different reasons but they are a good indicator of where we stand.

The strong presence of informal borrowing means there is still a lot of scope for fintech players and banks and financial institutions. The large number of loans taken for education makes one wonder at this data and at the cost of education.

Another worrying factor is that savings can be put better instruments. Savings clubs or person is hardly the ideal way to save one’s money.

An important thing to note is how the mobile-based financial services user base has shot up over the last few years. This is from 2015 when we were only a few years into wallets and mobile payment options.

Now, we are perhaps one of the leading countries in the world in this category. And as the National Payments Corporation of India (NPCI) becomes more adept and offers better platforms and solutions, this may be the way forward for everyone including all financial services stakeholders in the near to mid future.

You can view the entire graph and even interact with it here.

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