DataLabs Newsletter

Did you know that after the demonetisation move in November 2016, the transaction volume of UPI surged 51X from INR 17.9 Mn in FY2017 to INR 915.2 Mn in FY2018. Similarly, the total volume of debit and credit card transactions surged by 50.6 % from INR 5.45 Bn to INR 8.2 Bn, during this period.
This should indicate increasing financial inclusion and digital payments penetration in India. Or does it?
“Only 2% of the rural population in India above the age of 15 years has used the internet to pay bills.”
That shows India has a long way to go before fintech inclusion matches some of the more developed economies in the world and in Asia. China and India together make up around 52% ($14.83 Tn) of the total nominal GDP of Asia ($28 Tn), and in the context of the population, the contribution is more than 60%.
Furthermore, a study in 2018 concluded that India could add up to $770 Bn to its GDP by 2025 if female labour force participation in the country is brought at par with male workers. As of 2018, the contribution of women to the India’s GDP was just 17%, while the contribution of women in China’s GDP was 40%.
This prompted DataLabs by Inc42 to study the financial inclusion readiness of India through the lens of the MSME sector, digital lending, fintech gender gap in India.
Here Are The Stories That DataLabs By Inc42 Published This Month:

Ethical Alliance Daily News 

Ethical Alliance Daily News 

United Kingdom: Serious Fraud Office faces questions over decision to drop bribery investigation
Jul 01, 2019 08:00 pm

The Serious Fraud Office is facing questions over its decision to drop an investigation into a trio of executives accused of paying multimillion-pound bribes in the energy industry. On Tuesday, it was revealed that the SFO had terminated its investigation…

World: G-20 summit: Corruption key focus area, India works hard to get strong para into Osaka declaration
Jul 01, 2019 07:30 pm

With an eye on India’s presidency of G20 in 2022, the country’s negotiators are looking at the issue of corruption and fugitive economic offenders, which is going to be the focus area of this edition’s summit. Negotiations are on to…

Portugal: European rights group rebukes Portugal over corruption fight
Jul 01, 2019 07:00 pm

Europe’s foremost human rights organization says Portugal’s efforts to fight corruption are “globally unsatisfactory.” A report published Friday by the Council of Europe, which counts 47 countries among its members, says Portugal’s compliance with recommended anti-corruption measures covering lawmakers, judges…

United States: Another Parent Charged in College Admission Bribery Scam
Jul 01, 2019 06:30 pm

A man who authorities say paid $250,000 to get his son into the University of Southern California as a fake volleyball recruit became the 51st person charged in the sweeping college admissions bribery scheme. Jeffrey Bizzack, 59, has agreed to…

Puerto Rico: Lawsuit targets alleged Puerto Rico power company corruption
Jul 01, 2019 06:00 pm

A federal control board overseeing Puerto Rico’s finances filed a lawsuit on Sunday to recover what it called massive fraudulent payments made by the island’s power company to fuel suppliers for more than a decade. The lawsuit was filed against…

Ukraine: Billionaire Putin supporter Dmitry Firtash faces extradition to US for bribery
Jul 01, 2019 05:30 pm

A billionaire ally of President Putin who donated more than £6 million to Cambridge University faces extradition to the US on corruption charges. Dmitry Firtash, 54, had been a supporter of Ukraine’s pro-Russian president Viktor Yanukovych, who was overthrown in…
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