Currently, only one in two Indians has a savings account, only one in seven Indians has access to banking credit, and 11% of bank branches are limited to its six large states. The Reserve Bank of India (RBI) joined the Alliance for Financial Inclusion (AFI) in 2012 and although India has not committed to the Maya Declaration, the Reserve Bank of India has actively pursued the agenda for Financial Inclusion in the past few years. Reserve Bank of India’s Financial Inclusion policies focused on improving the following four areas: reach, access, products, and transactions. In addition, the CRISIL Inclusix that measures the status of financial inclusion provides a comprehensive view of bank, deposit, and credit penetration at the district level.

Under the Financial Inclusion Plan 2010-13, nearly 268,000 banking outlets have been set up in villages as of March 2013 as opposed to 67,694 in March 2010. Also, about 7,400 rural branches opened during this period. Access to financial services were extended where nearly 109 million Basic Savings Bank Deposit Accounts (BSBDAs) have been added, taking the total number of BSBDAs to 182 million. In addition, the percentage of ICT accounts to total BSBDAs has increased from 25% in March 2010 to 45% in March 2013. In addition, about 4904 lakh transactions have been carried out in ICT based accounts through BCs during the three year period.

The MIX India Map of Financial Inclusion visualizes banking correspondents (BCs) and microfinance institutions (MFIs) at the state and district level within India. By uniting these two important datasets against a backdrop of demographic and development data, this allows the user to gain a more comprehensive view onto the access point and supply of financial services to low income households and their businesses. Most districts with urban centers have surprisingly low presence of Microfinance Institutions considering their high population, with the exception of certain cities like Nagpur. Also, in States like Uttar Pradesh, the number of MFIs has increased but they are concentrated in limited number of Districts, given the huge size of the State.