JAM trinity played major role for financial inclusion of people of country: FM Nirmala Sitharaman

Aurangabad, Sept 16:

JAM trinity of Jan Dhan, Aadhaar and mobile has played a major role for financial inclusion of the people of the country and it was a game changer for a country like India said union finance minister Nirmala Sitharaman. She was speaking in the inaugural session of ‘Manthan’ the day long national banking conference being held in Aurangabad through video conferencing on Thursday.

Speaking further Sitharaman said that the country could achieve the target of financial inclusion in a particular format, which was futuristic and it also touched upon the philosophy of ‘Sabka Saatha and Sabka Vikas and Sabka Vishwas’. She underlined the fact that Jan Dhan Yojana which intended to reach all those without discrimination in remote areas, all those who hesitated to enter banks. Prime minister Narendra Modi gave confidence to these people and everyone saw that because of this foresightedness every person could receive the help which was needed in the crisis like Covid-19 pandemic. She also congratulated finance minister of state for finance Dr Bhagwat Karad for this well represented and well organised initiative in Aurangabad and also appealed to others to come out with these types of initiatives in other areas of the country. The meeting was attended by the chairmans and chief executive officers of twelve nationalised banks in the country.

Benefits should reach maximum people

Addressing the gathering, Dr Karad highlighted the transformation brought about by the financial inclusion programmes of the government. Today, we will focus on how maximum people can be brought under this scheme so that they can benefit from each and every programme of the government. The minister asked bankers to focus on those aspirational districts that are yet to attain financial inclusion targets. He also mentioned that a decision will be taken to make Mudra loan more hassle free and available to those who wanted to start businesses. He also spoke about how the digital economy and digital initiatives can bring transparency in the country, positively impacting the economy.

43.23 crore beneficiaries

India has a staggering 43.23 crore beneficiary accounts under PMJDY. The Government of India has in recent years introduced a series of indigenous platforms to facilitate quick, safe, and equitable banking. For instance, the BHIM UPI application is now a quintessential component of the Indian market. It has also recently launched e-RUPI voucher facility reducing the need of the internet for financial transactions, said Dr Karad.