4 min read.Updated: 27 Oct 2016, 04:35 AM ISTSumita Kale
A lack of effective monitoring capability means the data on progress of financial inclusion is unreliable
How does India fare in access to banking? A simple question, but with no simple answers. Mint (20 October 2016) used data on five indicators on bank branch data from the International Monetary Fund’s (IMF’s) Financial Access Survey to conclude that India is an underbanked country. However, the true picture of access to banking in India does not come out through IMF data. Since country comparisons need comparable data, to measure access to banking, the IMF survey uses a parameter that all central banks provide information on, i.e. numbers of branches of commercial banks. India’s number stood at 126,337 in 2015.
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