Finance minister Nirmala Sitharaman said that the JAM (Jan Dhan – Aadhaar – Mobile) trinity has proved to be a game-changer and helped in taking forward financial inclusion in a futuristic format.
“By bringing the financially excluded, by saving pilferage and disbursing government benefits to genuine beneficiaries, and by providing SMS updates to citizens on their bank transactions, the JAM trinity catapulted our banking to a different level altogether,” she said, while virtually addressing the inaugural session of Manthan Conclave being held in Aurangabad, Maharashtra.
Even people who hesitated to enter the mainstream were also brought in and given confidence, with the opening of their accounts, disbursing of RuPay Cards and insurance cover, she said, adding that it is because of Jan Dhan that many people and small businesses got collateral-free loans.
Minister of state for finance Dr Bhagwat Karad asked bankers to focus on those aspirational districts that are yet to attain financial inclusion target. “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,” he noted. Currently, India has a staggering 43.23 crore beneficiary accounts under PMJDY.