How much would the banks profit if every single person in India had a bank account?

In India, 48% of adults use financial accounts for personal use. This is the highest percentage globally, according to the Global Findex Report 2017. Yet, 190 million Indian adults remain unbanked, ranking India second only to China in terms of the number of unbanked adults.

That’s why the Indian Government is urging private sector banks to actively participate in its financial inclusion efforts, ensuring that every citizen, regardless of location or background, has access to basic banking and insurance services.

So, will it be compulsory for every Indian to have a bank account?

What is the FI Saturation Programme Run by the Department of Financial Services?

On 1st July 2025, the Finance Ministry launched a nationwide Financial Inclusion (FI) Saturation campaign to deliver essential financial services to the last mile, reaching both gram panchayats (GPs) and urban local bodies (ULBs) across India.

This mega campaign was officially kicked off through events hosted across 33 key locations nationwide, symbolising the Ministry's commitment to holistic inclusion.

The campaign is spearheaded by the Department of Financial Services (DFS). It aims to bring together public sector banks, private banks, insurance providers, and other stakeholders to plug the gaps in financial coverage.

What Will Happen in This Financial Inclusion Saturation Programme?

Running from July 1, 2025, to September 30, 2025, this three-month drive will cover all 2.70 lakh Gram Panchayats (GPs) and Urban Local Bodies (ULBs) across India.

Here's what will take place during the campaign:

Key Activities	Description
Re-KYC Drives	Updating Know Your Customer (KYC) details for all savings account holders whose KYC is due.
Opening of New Bank Accounts	Especially for unbanked adults under the Pradhan Mantri Jan Dhan Yojana (PMJDY).
Insurance Scheme Enrolments	Drive enrolments under: - PMJJBY (life insurance) - PMSBY (accidental insurance) - APY (pension scheme)
Digital Fraud Awareness	Conducting awareness sessions on preventing digital scams and educating users on retrieving unclaimed deposits and using grievance redressal mechanisms.
Nomination Updates	Facilitating the update of nominee details in savings accounts, wherever pending.

This initiative is not just about financial access—it’s about economic empowerment.

Read More – MSME Alert: New Govt Loan Schemes For 2025 Growth

Which Government Schemes Will the FI Saturation Programme Focus On?

To better understand the schemes being promoted under this campaign, here's a simplified comparison table with relatable analogies:

Scheme	Full Name & Launch Year	Key Features	Real-life Analogy
PMJDY	Pradhan Mantri Jan Dhan Yojana (2014)	Zero-balance savings account + RuPay card + access to subsidies & benefits.	Like giving everyone a digital wallet to keep their salary, subsidy, and savings safely.
PMJJBY	Pradhan Mantri Jeevan Jyoti Bima Yojana (2015)	₹2 lakh life insurance for ₹436 annual premium (for 18–50 years).	A low-cost life cover, like getting a family protection shield for the cost of a monthly mobile recharge.
PMSBY	Pradhan Mantri Suraksha Bima Yojana (2015)	₹2 lakh accident insurance for ₹20 annual premium (for 18–70 years).	Think of it as a ₹2 lakh safety net for the cost of a cup of tea.
APY	Atal Pension Yojana (2015)	Monthly pension of ₹1,000–₹5,000 after 60, for unorganised workers (18–40 years).	Like planting a pension tree early in life, so it gives fruit after retirement.
PMMY	Pradhan Mantri MUDRA Yojana (2015)	Collateral-free loans up to ₹10 lakh for MSMEs and small businesses.	Giving a street vendor or small shop owner the capital to scale up—like turning a food cart into a restaurant.

Conclusion

The auto-rickshaw drivers still prefer cash over UPI payments. This is not the only sector which is still dealing in cash. By urging private banks to step up, the government is seeking not only greater coverage but also deeper engagement with the financial needs of India’s rural and urban poor.

Also Read - How to Qualify for a Government-Backed Business Loan

The Financial Inclusion Saturation Programme is more than just a campaign. It’s a movement to ensure that no Indian is left behind when it comes to accessing banking, insurance, and pension services. With the involvement of all banks, both public and private, this initiative has the potential to transform millions of lives by bringing financial services directly to their doorsteps.

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