Which index in 2025 highlighted that account ownership in India has reached to 89% since 2011?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is Option 1: Global Findex 2025.
Explanation:
- Global Findex: This is a flagship index published by the World Bank that measures financial inclusion across the globe.
- India's Achievement: According to the 2025 report, India has witnessed a revolutionary improvement in bank account ownership. While this figure was quite low in 2011, it has now reached the level of 89%—thanks to initiatives such as the Pradhan Mantri Jan Dhan Yojana (PMJDY) and Digital India.
- Financial Inclusion: This implies that the majority of the country's population now has access to formal banking services, savings accounts, and digital payment systems.
Key Pillars of Financial Inclusion:
- PMJDY: Enabling the opening of zero-balance accounts with minimal documentation.
- Aadhaar: Facilitating identity verification through digital KYC (Know Your Customer).
- Mobile/UPI: Making even the smallest payments digital and simple.
Important Information for Upcoming Examinations:
- Question: Who publishes the Global Findex database?
- Answer: The World Bank.
- Question: Which index does the RBI publish to measure financial inclusion in India?
- Answer: The 'Financial Inclusion Index' (FI-Index).
- Question: In which year was the Pradhan Mantri Jan Dhan Yojana (PMJDY) launched?
- Answer: In 2014.