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Financial inclusion has, for far too long, remained confined to corporate social responsibility for Indian banks. This has led to a skewed perception, where financial inclusion is viewed as a social cause and not an economic driving force. India, aiming for a $5-trillion economy by 2025, treads on thin ice if over 190 million adults continue to remain unbanked. The picture grows grimmer as we compare metrics to China – whose bank credit to GDP is six times that of India.
This whitepaper makes a case for why financial inclusion has a far- reaching economic impact. It can threaten or accelerate India’s ascent to an economic superpower. However, systemic problems in the current banking system will require a new approach and technology offers compelling breakthroughs.