Nielsen Report: Payments Banks – Unbanked India’s Banking Solution
India’s hinterland, home to 70% of the nation’s population, is marked by low financial inclusion—a problem that payment banks have set out to remedy.
A large chunk of India’s population lies on the outskirts of the formal economy. Living in far-flung corners of the country, illiteracy and a lack of connectivity are common reasons why consumers in these areas remain unbanked. Moreover, banks in rural areas are few and far in-between, making it difficult for many people to reach them during working hours. The government, however, is making efforts to broaden financial inclusion and has recently introduced several programmes to address these obstacles, including Jan Dhan Yojana and Smart Cities.
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