The Inclusive Finance India Report 2024 was unveiled today during the Global Inclusive Finance Summit 2024 at Hotel Ashok, New Delhi. The summit, organized by ACCESS Development Services, brought together global policymakers, financial leaders, and innovators to discuss strategies for equitable growth through financial inclusion. The two-day event also hosted the 16th Inclusive Finance Awards, recognizing groundbreaking contributions to advancing financial inclusion worldwide.
The report highlighted transformative milestones in India’s financial inclusion journey:
- Unprecedented Bank Account Growth: Over 531.5 million bank accounts have been opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY), laying a robust foundation for financial inclusion.
- UPI’s Unstoppable Growth: In October 2024 alone, UPI processed 16.58 billion transactions worth ₹23.50 trillion, underscoring its role as a digital payments cornerstone.
- Empowering Women Through SHGs: Women-led Self-Help Groups (SHGs) account for 58% of the total SHGs, emphasizing women’s pivotal role in driving financial empowerment.
- Climate Finance Breakthroughs: Initiatives like Pay-As-You-Go solar systems and green bonds mobilized $15 billion by 2024, fostering sustainable farming practices.
- Tech-Driven Credit Accessibility: AI-driven platforms like Credit Vidyaa and SBI YONO are extending credit access to underserved communities through alternative credit scoring and data analytics.
- Microfinance Expansion: The sector added 18.1 million new clients in FY 2024, achieving a 26% growth in its loan portfolio, with active loan accounts reaching 161 million.
- MSME Challenges and Opportunities: Contributing 30% to India’s GDP and employing 22.94 million people, MSMEs still face a ₹20-25 lakh crore credit gap. Women-led MSMEs, which make up 20.5% of registered MSMEs, encounter a $158 billion financing gap due to systemic barriers.
- Support for Women Entrepreneurs: Schemes like Mudra Yojana have significantly impacted women entrepreneurs, with 71% of loans directed to female borrowers.
- Digital Inclusion: The Digital Public Infrastructure (DPI) index climbed to 445.50 in 2024, reflecting increased adoption of digital financial services.
Vipin Sharma, CEO of ACCESS Development Services, underscored the summit’s importance: “The Global Inclusive Finance Summit 2024 not only celebrates India’s achievements but also sets the vision for the future of inclusive finance. The Inclusive Finance India Report 2024 highlights the need to address systemic gaps while building on successes to foster resilience and shared prosperity.”
This year’s summit showcased India’s leadership in financial inclusion, featuring expert panels, interactive workshops, and exhibitions of innovative solutions. Key discussions focused on leveraging digital public infrastructure, gender equity in financial services, customer protection, and financing for nano-enterprises, aligning with global sustainable development goals.
With over 100 speakers and international representation, the summit emphasized practical strategies for global replication of India’s financial inclusion model, aiming to empower underserved communities worldwide.
