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Global Findex database
July 14 , 2022
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- The World Bank released Global Findex database 2021.
- It surveyed how people in 123 economies use formal and informal financial services e.g., cards, ATMs, mobile phones, and the internet.
- Globally, in 2021, 76 per cent of adults had an account at a bank or regulated institution.
- It includes a credit union, microfinance institution, or a mobile money service provider.
- About two-thirds of unbanked adults said that if they opened an account at a financial institution, they could not use it without help.
- Low access to formal banking in India and there is a lack of trust.
- Aadhar contributed to account ownership in about 80% of adults (from 35% in 2011).
- Transitioning from cash to biometric smart cards has reduced leakage by 47% in pension payments.
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