Use of Financial Services: Key Indicators, Deposit Accounts with Commercial Banks Per 1000 Adults for India
INDFCAODCANUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,352.55
Year-over-Year Change
153.69%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the number of deposit accounts with commercial banks per 1,000 adults in India. It provides insights into the level of financial inclusion and access to basic banking services within the Indian population.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The 'Use of Financial Services: Key Indicators, Deposit Accounts with Commercial Banks Per 1000 Adults for India' metric tracks the density of deposit accounts held at commercial banks across the Indian adult population. This indicator is used to evaluate financial inclusion and the accessibility of formal banking services.
Methodology
The data is collected by the World Bank through household surveys and administrative records from national banking regulators.
Historical Context
This trend is relevant for policymakers, economists, and financial institutions to assess progress towards financial inclusion goals and identify underserved populations.
Key Facts
- India had 798 deposit accounts per 1,000 adults in 2021.
- The number of deposit accounts per 1,000 adults has steadily increased from 638 in 2011.
- Financial inclusion is a key policy priority for the Indian government.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of deposit accounts held at commercial banks per 1,000 adults in India. It provides an indicator of financial inclusion and access to basic banking services.
Q: Why is this trend relevant for users or analysts?
A: This trend is important for assessing progress towards financial inclusion goals and identifying underserved populations that lack access to formal banking services.
Q: How is this data collected or calculated?
A: The data is collected by the World Bank through household surveys and administrative records from national banking regulators.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and financial institutions use this trend to evaluate the accessibility of banking services and inform policies aimed at promoting financial inclusion.
Q: Are there update delays or limitations?
A: The data is published annually with a lag, and may not capture the most recent changes in financial inclusion.
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Citation
U.S. Federal Reserve, Use of Financial Services: Key Indicators, Deposit Accounts with Commercial Banks Per 1000 Adults for India (INDFCAODCANUM), retrieved from FRED.