Use of Financial Services Deposit Accounts: Household Accounts at Commercial Banks for India
INDFCAODCHNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,474,915,958.00
Year-over-Year Change
241.33%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the number of household deposit accounts at commercial banks in India. It provides insights into the use and accessibility of financial services by Indian households, which is crucial for understanding financial inclusion and economic development.
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 Deposit Accounts: Household Accounts at Commercial Banks for India trend tracks the total number of deposit accounts held by Indian households at commercial banks. This metric reflects the level of financial inclusion and access to formal banking services within the country.
Methodology
The data is collected and reported by the Reserve Bank of India, the central banking institution of India.
Historical Context
This trend is used by policymakers, economists, and financial analysts to evaluate the progress of financial inclusion initiatives and identify areas for improvement in India's banking and financial services sector.
Key Facts
- India had over 1.1 billion deposit accounts at commercial banks as of 2021.
- The number of household deposit accounts has grown by over 60% in the past decade.
- Increasing financial inclusion is a key policy priority for the Indian government.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of deposit accounts held by Indian households at commercial banks, providing insights into financial inclusion and access to formal banking services.
Q: Why is this trend relevant for users or analysts?
A: This trend is crucial for understanding the progress of financial inclusion initiatives and identifying areas for improvement in India's banking and financial services sector.
Q: How is this data collected or calculated?
A: The data is collected and reported by the Reserve Bank of India, the central banking institution of India.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and financial analysts use this trend to evaluate the effectiveness of financial inclusion programs and guide policy decisions in India's banking and financial services sector.
Q: Are there update delays or limitations?
A: The data is published regularly by the Reserve Bank of India, but there may be occasional delays or limitations in reporting, which should be considered when interpreting the trend.
Related Trends
Geographical Outreach: Number of Commercial Banks for India
INDFCIODCNUM
Balance of Payments: Financial Account: Net (Assets Minus Liabilities) for India
INDB6FATT01NCCUQ
Leading Indicators OECD: Component Series: Short-Term Interest Rate: Original Series for India
INDLOCOSTORSTM
External Trade: Volume of Imports of Goods and Services for India
INDTMRPCPPPT
Geographical Outreach: Number of Branches in 3 Largest Cities, Excluding Headquarters, for Commercial Banks for India
INDFCBODCLNUM
Balance of Payments: Financial Account: Assets (or Net Acquisition of Assets) for India
INDB6FATC01NCCUQ
Citation
U.S. Federal Reserve, Use of Financial Services Deposit Accounts: Household Accounts at Commercial Banks for India (INDFCAODCHNUM), retrieved from FRED.