Not all bank accounts in India are active: World Bank
The Dollar Business Bureau India saw strong growth in Bank account ownership between 2011-14 from 35% to 53%, but there were many dormant ones too, said World Bank’s ‘The Global Findex Database 2014’ report which, is the index for Measuring Financial Inclusion around the World. The report added that, in August 2014, the Indian government launched the Pradhan Mantri Jan Dhan Yojana scheme for comprehensive financial inclusion with the goal of opening a bank account for every household. To encourage new accounts, the scheme offered attractive features such as zero balances, overdraft facilities, and free life insurance. By the end of January 2015, it had led to the opening of 125 million new bank accounts; as a point of comparison, ...
