A Comparison of Financial Inclusion in India and the UK

Slide Note

This presentation compares the status of financial inclusion in India and the UK, focusing on aspects such as bank account ownership, types of financial needs, and data comparisons. It includes charts and data from the World Bank's Global Findex database to illustrate the differences between the two countries.

marisa Follow

Uploaded on Jul 22, 2024 | 0 Views

Download Presentation

Please find below an Image/Link to download the presentation.

The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. Download presentation by click this link. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.

E N D

Presentation Transcript

Financial inclusion in India and Financial inclusion in India and the UK: some comparisons the UK: some comparisons Jim Vine Jim Vine Essex Conference on Financial Inclusion 2020 Friday, 6 November 2020

ELEMENTS OF ELEMENTS OF FINANCIAL FINANCIAL INCLUSION INCLUSION

Needs Financial functions Making and receiving transactions Sub-types Domestic receipts Domestic payments International payments and receipts Short-term saving Medium-term saving Long-term saving Short- to medium-term borrowing Long-term borrowing Protection against income shocks Protection against expenditure shocks Protection against pure financial loss Transferring funds between entities Saving Consumption smoothing Borrowing Insurance Financing investment Financing lump-sum expenditure Securely storing value Saving Borrowing (As above) Saving (As above)

Data and other comparisons Data and other comparisons on financial services in India on financial services in India and the UK and the UK All charted data is from the World Bank s Global All charted data is from the World Bank s Global Findex Findex unless otherwise unless otherwise stated: stated: Demirg -Kunt, Asli, Leora Klapper, Dorothe Singer, Saniya Ansar, and Jake Hess. 2018. The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution. World Bank: Washington, DC.

BANK BANK ACCOUNTS ACCOUNTS

Account ownership (% of people age 15+) 100% 90% 80% 70% 60% India United Kingdom 50% 40% 30% 20% 10% 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018

Account ownership (% of people age 15+) 100% 90% 80% 70% 60% India (poorest 40%) India (richest 60%) United Kingdom (poorest 40%) United Kingdom (richest 60%) 50% 40% 30% 20% 10% 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018

Account ownership (% of people age 15+) 100% 90% 80% 70% 60% India (female) India (male) United Kingdom (female) United Kingdom (male) 50% 40% 30% 20% 10% 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018

Similarities PMJDY and Basic Bank Accounts

and differences Context Overdrafts Antecedents

TRANSACTING TRANSACTING VIA THE VIA THE BANK BANK

Made or received digital payments in the past year 100% 90% 80% 70% 60% India United Kingdom 50% 40% 30% 20% 10% 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018

Used a debit or credit card to make a purchase in the past year 100% 90% 80% 70% 60% India United Kingdom 50% 40% 30% 20% 10% 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018

Used internet to pay bills or buy online in the past year 100% 90% 80% 70% 60% India United Kingdom 50% 40% 30% 20% 10% 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018

RESPONDING TO RESPONDING TO SHOCKS SHOCKS

Possible to come up with emergency funds 100% India United Kingdom 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018

SAVING SAVING

Saved at a financial institution 100% 90% 80% 70% 60% India United Kingdom 50% 40% 30% 20% 10% 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018

Savings (at financial institution or any) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 India (saved at financial institution) United Kingdom (saved at financial institution) India (saved any money past year) United Kingdom (saved any money past year)

BORROWING BORROWING

Borrowed from financial institution or used credit card 100% 90% 80% 70% 60% India United Kingdom 50% 40% 30% 20% 10% 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018