According to the Global Findex

According to the Global Findex Database 2021, only 35 percent of adults had a bank account as recently as 2011, highlighting the long-standing barriers to financial access. The Reserve Bank of India’s (RBI)Financial Inclusion Index (FI-Index) reflects gradual improvements, rising from 56.4 in 2021 to 64.2 in March 2024. This persistent gap underscores the urgent need for alternative credit scoring models that can democratise access to financial services for those currently excluded from formal banking systemsAlternative credit scoring in India, though still in its nascent stages, is gaining traction. Lenders, instead of relying solely on conventional credit scores, can now access a wealth of consent-driven, unstructured data ufabet