30 crore families avail Jan Dhan Yojana in 3 yrs: Jaitely

Remigio Civitarese
Settembre 13, 2017

The finance minister said that over the period of three years, the number of zero-balance accounts had reduced from 77 per cent to 20 per cent and he said that when the direct benefit transfer is expanded, these accounts would become operational.

The Finance Minister Shri Arun Jaitley said that in addition to Financial Inclusion, the present Government has taken steps to provide security to the poor via life insurance under the Pradhan Mantra Jeevan Jyoti Bima Yojana (PMJJBY) and accident insurance through Pradhan Mantra Suraksha Bima Yojana (PMSBY). The Finance Minister said that since this financial assistance goes directly into the bank accounts of the deserving people, it has, in turn, helped in more operationalization of PMJDY bank accounts and thereby reducing drastically the number of dormant/non-operational accounts.

Emphasising that the demonetization was a success, Jaitley said that after November 8 announcement, the non-formal sectors of economy was smoothly integrated with the formal sector.

Listing out the achievements of the government's ambitious scheme, he said that because the state was involved and dedicated to have a legal banking society, the dormants accounts from 77% have come down to just 20% in three years.

"Its only in 2014, when we launched the PMJDY, in a mission mode throughout the country with the help of banks", he said. Addressing a Conclave on Financial Inclusion here, he said the number of accounts opened for the financially disadvantaged section of people were significantly large.

Almost 42% of households remained unbanked before the introduction of Jan Dhan Yojana, which aims to give every household access to banking facilities by offering them zero-balance accounts across all commercial banks. "The bank accounts are more than the number of families", Jitley said. Shri Jaitley further said that he is sure that Aadhar Legislation will stand the test of constitutionality.

Jaitley also spoke about the Aadhaar and said full potential of the unique identity card was not realized when it was brought in, it was an evolving idea then.

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