Addressing the Conclave on Financial Inclusions organised by the United Nations in India in Delhi on Wednesday, Union Finance Minister Arun Jaitley highlighted the three-year progress of the central government’s Pradhan Mantri Jan-Dhan Yojana (PMJDY) programme.
Talking about the launch of the initiative three years ago, Jaitley emphasised that the programme came at a time, “when banking was just a prerogative of a small section of society, with almost 42 percent of India being excluded from it”.
Further, the FM went on to discuss the progress of the scheme. So far 30 crore new accounts have been opened under the PMJDY. Also, zero balance accounts have also decreased to about 20 percent from 77 percent in these three years.
Underlining the value of financial inclusion in the Central government’s policies, Jaitley also mentioned how the introduction of the Goods and Services Tax (GST) will help make formalisation “beneficial” for the country.
Discussing how another initiative Pradhan Mantri Mudra Yojana has aided the cause of financial inclusion, he explained that the scheme has helped in providing small loans and financing small businesses and the recipients have been women and vulnerable sections.
Image Source – Dalip Kumar