Simplifying a great deal, one could say that the forward guidance on short-term interest rates – our stated expectation that the ECB’s key interest rates will remain “at their present levels for an extended period of time” – should be calibrated in a way to anchor the short-to-medium maturities of the yield curve – those portions most sensitive to short-term interest rate expectations and, therefore, to forward guidance – around levels that are sufficiently steady and low.
As per data from World Bank’s Global Findex Database, as of 2021, 78% of Indian adults (population with 15 years or more of age) had a bank account as compared to 53% in 2014. We have been able to provide banking access to almost every village within a 5 km radius in 25 states and 7 UTs covering 99.94% of identified villages.