Offering adequate financial services to an economy like India is no mean task. One reason for this is high illiteracy. Then again, even amongst those literate, there is very little knowledge about financial services and products. It is the metros and Tier 1 cities which typically tend to have adequate financial services, with the rural regions lagging far behind. That is why Indian banks have no choice but to bear the burden of reaching out to the hinterlands. One of the parameters for gauging the development of financial services in the country is the number of automated teller machines (ATMs) set up. As today's chart of the day shows, these were quite poor in India in 2012 when compared to its peers in the BRIC region.
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| Data Source: The Economist |
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