Demat accounts up 2.5 times to 10 cr in 4 years
Finance Minister Nirmala Sitharaman on Tuesday said the financial inclusion revolution in India has reached backwater towns in India and is no more a phenomenon limited to the big cities.
"In a span of four years, the number of demat accounts in India have grown 2.5 times from 4.1 crore in 2019-20 to 10 crore in 2022-23. Record numbers of SIPs are being registered, which helps in generating long-term wealth. Monthly flow into the mutual fund industry has reached all-time high of ₹15,245 crore in July 2023. AUM of the Indian mutual fund industry has increased tremendously in the last decade. It grew more than four-fold from ten lakh crore in May 2014 to a significant ₹46.37 lakh crores in July 2023," Sitharaman says while addressing Fintech Fest 2023.
"In India, the financial inclusion revolution has reached the backwater towns. Top thirty cities in India are usually expected to be ahead in formal savings. In the last four years, the share of cities beyond the top thirty cities in the mutual fund assets has grown from 15% to 26%," she adds.