The JAM (Jan Dhan, Aadhar, and Mobile) trinity is the key enabler of India’s transformed and well-developed digital landscape. It is a prime example of how fintech can benefit people, said Union Minister of State for Finance Dr. Bhagwat Karad. Delivering the keynote address at the Global Fintech Fest 2023, Karad highlighted that more than 50 crore people have benefited from Jan Dhan Yojana and Jan Dhan account holders have deposited more than 2 lakh crore rupees in these accounts. “In this context, India has so far issued 1.35 billion Aadhaar identities. Fintech is the cornerstone of an evolved India. It not only enables us to serve the diverse consumer base of our country but also an ever-evolving global demand that is capable of scaling the economy of India,” Karad noted.
The Central Government is making efforts to see that Fintech is used optimally to take various government schemes to poor people in rural areas. India has around 800 million active mobile users. Karad added: “Fintech is proving to be very useful in taking banking towards far-flung, remote, and tribal areas. Initiatives like Micro-ATMs are an example of that. These initiatives lead to 13.5 crore Indians coming out of poverty in the last few years in the country. Digital payment aggregators play an important role in implementation of DBT schemes, financial inclusion and spread of financial literacy. Fintech is also proving helpful for sending Kisan Samman Nidhi amount twice a year to farmers’ accounts through DBT. Similarly, 43 crore people have benefited from PM MUDRA Yojana. Fraud prevention is also an area which requires more attention.”