CURRENT AFFAIRS

Detailed explanation-1: -Q. Which institution released the ‘Global Findex database 2021’? Notes: The World Bank released the Global Findex Database 2021: Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19 It surveyed how people in 123 economies use financial services throughout 2021.

Detailed explanation-2: -Financial inclusion is a cornerstone of development, and since 2011, the Global Findex Database has been the definitive source of data on the ways in which adults around the world use financial services, from payments to savings and borrowing, and manage financial events such as a major expense or a loss of income.

Detailed explanation-3: -The World Bank (WB) has released the 4th edition of its Global Financial Inclusion Database/Report titled ‘The Global Findex Database 2021: Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19’.

Detailed explanation-4: -Worldwide account ownership has reached 76 percent of the global population-and 71 percent of people in developing countries. The gender gap in account ownership across developing economies has fallen to 6 percentage points from 9 percentage points, where it hovered for many years.

Detailed explanation-5: -Nearly eight in 10 adults in China now have a bank account, according to the 2014 Global Findex. This represents a 15 percentage point increase since 2011.