UNBANKED & THE PMJDYA

Financial inclusion has improved significantly worldwide, with the number of unbanked adults decreasing from 2.5 billion in 2011 to 1.3 billion in 2025. Despite this progress, many people in developing countries, especially in populous nations like India and China, still lack access to formal financial services. About 79% of adults now have financial accounts, largely due to the growth of digital and mobile banking. Innovations like UPI have boosted savings and financial participation, particularly in low- and middle-income economies. However, challenges such as poverty, low financial literacy, and the digital divide continue to limit full financial inclusion, especially among vulnerable groups.