December 23, 2024 1:32 PM

India’s savings rate shoots past global average: SBI report

India’s savings rate has surpassed the global average as financial inclusion has shot up in the country with over 80 per cent adults now having formal financial accounts, according to an SBI report released on Monday. India savings rate is at 30.2 per cent, which is higher than the global average of 28.2 per cent, the report stated. “Due to various measures, India’s financial inclusion improved significantly and now more than 80 per cent of adults in India have a formal financial account...