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Over the past decade, India has experienced remarkable growth in financial services innovation. In 2011, only 44% of Indians aged 15 and older had a bank account. By 2021, that number increased significantly to 78 percent. As of August 2024, the PM Jan Dhan Yojana, India’s initiative to provide universal, affordable, and formal financial services to the unbanked, had onboarded more than 530 million bank accounts.
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When considering transaction volumes, India’s journey becomes even more impressive. For instance, UPI payments…
