India's mobile money accounts grow 95-fold between 2014-2019

India's mobile money accounts grow 95-fold between 2014-2019

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India's registered mobile money accounts recorded a massive 95 times growth between 2014 and 2019.

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Value of mobile money transactions has grown from 0.02% of the gross domestic product in 2014 to 0.9% in 2019.

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The number of ATMs has also fallen from 21.9 per one lakh in 2017 to 20.95 in 2019; it had grown till 2017.

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The number of commercial bank branches has remained almost constant at 14 per 100,000 adults over the last three years.

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However, outstanding loans from commercial banks have fallen from 50.4% of GDP in 2014 to 48.5% of GDP in 2019.