That Indian households shun formal financial savings, credit, insurance and pension is not a new finding. What the Report of the Household Finance Committee, released by the RBI last month, goes on to reveal are the fundamental causes behind this behaviour, along with specific strategies to fix the imbalance. Coming on the third anniversary of the Pradhan Mantri Jan Dhan Yojana, the analysis and recommendations made in the report are crucial for extending meaningful financial inclusion, as the study shows why banks and other financial service providers need to reorient themselves towards a customer-centric approach. The report reiterates what we, at Indicus, have been pushing for long - granular data of household behaviour is key to providing solutions, as customer segmentation across geographies will reveal different sets of risks and different demands for financial services.For a summary of the report, read Monika Halan, "Need supply side solutions to solve the household finance problem in India" (Mint, August 30th, 2017) and Moneylife, "Complicated paperwork and bureaucratic impediments affecting household savings: Report" (August 31, 2017). The connect of the committee's findings with the need for a privacy law is set out by Rahul Matthan (Mint, August 3oth, 2017).

As data becomes central to the provision of formal financial services to the poor, the implications for customer protection are getting clearer. As noted in a CGAP report, Customer Empowerment in Finance, research shows that choice, respect, voice, and control are the cornerstones of customer empowerment for all customers (including low-income customers) in their use of and engagement with digital financial services. The CGAP team also takes a deep dive into the issues of Consumer Protection in Digital Credit, a must read for regulators and credit providers.The findings in these reports tie in neatly with the recommendations made in the report of the Household Finance Committee for India.

Finally, on August 24th, the historic judgement by the Supreme Court of India holding privacy to be a fundamental right has clear implications for data sharing and digital identity. While, the Supreme Court will take up the hearing in the PILs against Aadhaar in November, India has a chance now to lead the world in bringing stringent data protection and privacy legislation. It is time for the government and private sector to move away from the current model of “informed consent” towards setting clear parameters for the collection, use, processing, sharing, and security of personal information. Read more on this by Katherine Kemp, “Financial inclusion and the right to privacy” (Mint, August 29, 2017).

• India's household finances - a comprehensive report
• Guest Blog by Probir Roy: Payments Banks should reinvent their model post demonetization

• The admirable success of the Jan Dhan Yojana
• Lessons from Pradhan Mantri Jan Dhan Yojana
• Jan Dhan at Three: Need for Linking Financial Inclusion to Socioeconomic Development
• Good news: How demonetisation powered savings habit in public; RBI data reveals big surprise
• Aadhaar Pay yet to find base in country; BHIM, UPI preferred more
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• India on the Move: Future of India's banking and payment systems
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• The Secret Life of Mobile Money Pricing
• A Mobile Money App That Helps Poor Customers Strategize
• Digital Credit: Data Sharing Can Improve Product Diversity
• Regulatory Sandboxes: Potential for Financial Inclusion?
• How to Transform Agent Banking with an Agent-Centric Approach

• Bridging the Identity Gender Gap,GSMA, August 29, 2017
• Paving the Way for Digital Financial Services in Jordan, CGAP, August15, 2017
• Money, Decisions, and Control, Ignacio Mas and Gayatri Murthy, CGAP, August 10, 2017