India needs to step up fin inclusion plan: report

Despite heightened focus on financial inclusion, Indian banks still somewhat failed to bring the under- and un-banked into the mainstream banking fold. India has currently the second-highest number of financially excluded households in the world. According to a report on Financial Inclusion for equitable growth by Ernst & Young, in association with Assocham, only about 30,000 out of 60,00,000 habitations in the country have at least one commercial bank branch. Approximately, 40% of India s population have bank accounts, and only about 10% have any kind of life insurance cover, while a meagre 0.6% have non-life insurance cover. People with debit ...

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