Maharashtra, Gujarat, & Delhihave highest no. of demat accounts due to the intense competition among digital brokers for a larger market share.
Reason for the Rise
Increased financial literacy & the growing popularity of trading among youth have been other significant factors contributing to the rise.
Which States Showed a Rise?
The "BIMARU" states had the highest growth in demat accounts over the last year.
BIMARU
"BIMARU" acronym denotes four states Bihar, Madhya Pradesh, Rajasthan, & Uttar Pradesh, signifying their historical challenges in economic growth, healthcare, and education.
Marketing to Promote Demat in UP & Bihar
Digital brokers using Hindi & regional languages in campaigns for wider local reach & increased market share in those regions.
Why is it Important?
The rise of investor awareness in what we call "BIMARU" states is a massive step towards financial inclusion and accessibility.
How will it Boost the Economy?
As more individuals will enter the formal financial sector, the circulation of capital will increase, fostering investment in various sectors & encouraging economic growth.