The Finance Minister celebrated the ninth anniversary of the Pradhan Mantri Jan Dhan Yojana (PMJDY) and highlighted its significant impact on financial inclusion in India. This initiative, along with digital advancements, has transformed the country’s financial landscape. The substantial increase in the number of account holders, reaching over fifty crore, and the accumulation of over two lakh crore in deposits are testaments to the success of this Government initiative. Previously underprivileged individuals who lacked bank accounts are now proud owners of RuPay cards, providing them with access to financial services. The implementation of Direct Benefit Transfer (DBT) through these accounts ensures that eligible individuals receive Government benefits promptly under various schemes. Moreover, the habit of saving has been instilled in many, as evidenced by the four-fold increase in the average account balance.
The Jan Dhan-Aadhaar-Mobile (JAM) architecture is an initiative that has not been implemented at such a massive scale anywhere else in the world. It represents a remarkable case study for leading research institutes globally. India’s journey from the early stages of digitization to becoming one of the world’s leading digital transaction nations in just nine years is nothing short of a miraculous transformation, surpassing initial expectations and imaginings. It has not only improved the efficiency of welfare programmes but has also contributed to reducing leakages and ensuring that benefits reach the intended beneficiaries directly. This extraordinary achievement demonstrates the potential of innovative policy frameworks and the power of technology to drive socio-economic transformation on a massive scale.
The PMJDY has not only improved financial inclusion but has also empowered the Government with clear and precise data, enabling the formulation of policies that directly address the needs of various segments of society. This scheme has undeniably transformed the lives of millions of Indians, but it’s important to recognise that the efforts are ongoing. The Government continues to work towards maximising the benefits for the underprivileged, ensuring that this initiative remains a win-win situation for both the Government and the people it serves.
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