Source: https://www.pexels.com/photo/u-s-dollar-bills-pin-down-on-the-ground-164474/The current population of the world has surpassed the 7 billion touchstone. At the same time, infrastructure needed to sustain the population is not progressing at a similar rate. In fact, it is stagnant! Even today about 2 billion people live bereft of financial services- they do not have any bank account. Women alone make up 55% of this unbanked population. In my country India, about 21% of the population (total population of India at the moment is 1.2 billion) is unbanked. Some of them say that they do not have a bank account because they earn too less or because they are denied to do so by the financial institutions.Let's articulate what happens if an individual does not have a bank account:One would have to rely on informal institutions to get loans. These institutions (the middlemen) exploit the borrower by demanding very very high rate of interests. They take advantage of the borrower's desperateness and helplessness.


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