March 2019 — Since 2014, India has embarked on an ambitious financial inclusion initiative, bringing more than 330 million people into the formal financial sector. This report tells the story of this growth. It dissects major trends and the drivers behind them, identifies key actors and the roles that they have played, and presents a roadmap for how the next phase of digital financial inclusion in India can be more effective and inclusive. The report, commissioned by the U.S. Agency for International Development through the Mobile Solutions Technical Assistance and Research (mSTAR) project, examines field research with users and providers of digital financial services, as well as interviews with senior experts in government, the development sector and the financial sector
