That's according to a report 'Financial Inclusion Challenges' released by IIT Madras Research Park (IITMRP) and IITM Incubation Cell. The report, released on Tuesday, was aimed at highlighting the gaps in financial inclusion despite the transformation in the financial services sector over the last decade.
Significant transformation
The report said over the last decade, financial services in India had undergone significant transformation driven by technology enablers and supported by the government and regulators such as RBI. While Jan-Dhan Yojana has increased the banking penetration with over 44.5 crore new accounts created since 2015, the Unified Payments Interface (UPI) had a meteoric rise in adoption with monthly transaction value jumping from ?0.38 crore in July 2016 to ?8.27-lakh crore in February 2022.
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