The Indian financial landscape is undergoing a dramatic change. India witnessed a surge in bank account ownership during the 2011-2017 period: 80 percent of Indians owned a bank account in 2017–an increase of 45 percentage points since 2011. This surge is primarily attributed to the Pradhan Mantri Jan Dhan Yojana (PMDJY).
However, this push for financial inclusion has not achieved its true objective, which is to ensure that all citizens not only have access to bank accounts, but avail other facilities that come with it—formal credit, insurance, and overdraft, to name a few.
