By K. Ashwin Mob: 00919920183006 E-mail: email@example.com
According to a report published on May 30, 2013, the Organization for Economic Cooperation and Development (OECD) says the Indian economy has probably recently surpassed Japan to be the third largest economy globally with China touted to overtake the US as the largest economy in the world in a few years. Even as it stakes a claim on the global front with Indians ruling the roost in the board rooms of global multinationals, India, ironically, has a sizable number of its population, who do not even have a bank account. According to a recent study by New America Foundation and MicroSave, in the early 2000s, India launched a massive drive to bring most of its population under the formal banking system. However, 90% of the 100 million accounts opened under the plan are unused and close to half of India’s 1.2 billion-strong population still do not have bank accounts.