The data suggests that more than 90% of the population in India does not have a bank account and that the country is a banking nation.
This is in stark contrast to the United States, where an estimated 30% of Americans have an account, and China, where just 7% do.
But with the exception of India, many of the top banks in the world are not subject to the banking secrecy laws that make it extremely difficult for governments to identify the names of their customers.
The World Bank’s 2017 World Bank Country Reports on Business said that bank secrecy laws, and the fact that bank customers are not required to reveal their personal information to banks, have been cited as contributing to the low account numbers in India.
According to data from the US Federal Reserve Bank, only 1.7% of banks in India have access to customer information, which is the lowest among OECD countries and among countries with less than 100 million people.
The data also indicates that the average annual growth in account numbers is less than 5%, according to a report from the International Monetary Fund (IMF).
The IMF said that growth in the average number of accounts per capita is less in India than in other OECD countries.
The United States has a much larger population than India, but it is also home to more than 4.3 million accounts, and its annual growth rate is around 6.4%.
In contrast, India has a smaller population but an estimated 1.9 million accounts.
“A key driver of the country’s poor financial system is the lack of financial privacy,” the IMF said.
In fact, the World Bank and IMF have found that in 2013, India’s financial sector had no financial privacy measures in place, meaning that a third of all transactions in the country are recorded by financial institutions.
“We believe that this is the key factor behind India’s low growth rate and weak financial sector,” said Ajay Raghavan, the bank’s vice-president of economic development and chief financial officer.
According the IMF, India had 1,973,200 accounts as of June 30, 2016, but as of the end of March 2017, it had an estimated 4,716,000 accounts, or 6.6% of its total assets.
The Bank of England’s 2016 Global Financial Privacy Report noted that in 2016, the US had 1.2 million accounts and China 1.4 million accounts while France had 3.3 mn accounts, the Netherlands had 1 million accounts as well as Germany had 1 billion accounts, Brazil had 1 trillion accounts, Mexico had 6 billion accounts and India had 7.5 billion accounts.
With an estimated total of 2.4 billion accounts worldwide, India is a financial leader in terms of the number of people who have accounts, according to the IMF.
It also has the highest proportion of households with accounts, with 85% of households having accounts, up from 82% in 2013.
However, the Bank of India has not been able to fully fill the gap left by the bank account.
“It’s the first year since 2011 when the bank has no account numbers.
This has impacted business development, particularly in the retail and hospitality sectors,” said Gopal Kumar, a former Bank of Canada executive who now works for the Global Payments Alliance.
The bank’s focus on financial inclusion has also been challenged by its lack of a tax regime that provides for a solid foundation for a business.
“There’s no tax policy in India to support a business in financial inclusion,” said Kumar.
“And the tax code doesn’t provide sufficient clarity for the government to provide for a financial inclusion tax credit or a tax credit for small businesses, which are key components of the business model.”
India has been in a state of financial emergency for several years.
The government has taken measures to address some of the financial challenges of its economy, including introducing a tax on bank deposits, the establishment of the Central Bank of Reserve Banks (CBR), a bank regulator and the imposition of capital gains taxes.
However the country has failed to achieve the desired economic transformation and the government has not yet been able provide sufficient funds to the banks.
“The country is in a financial crisis, and there’s no real way to fix it,” said Raghavansayam.
In India, a banking secrecy law is currently in force and, in 2017, the Indian government introduced a banking transaction tax (BTT), a tax of 5% on all bank transactions.
The BTT, which was introduced to combat corruption, is expected to take effect in 2019.
The Indian government also plans to implement a national payment gateway that will be implemented in 2019 to facilitate payment of bank deposits to individuals and businesses across the country.