JAM has ushered in social revolution : Jaitley

Speed Post News Network

New Delhi : Union Finance Minister Arun Jaitley on August 27, 2017, said said JAM (Jan Dhan, Aadhaar and Mobile) has brought together financial inclusion (PMJDY), biometric identification (Aadhaar) and mobile telecommunications which will eventually bring all Indians into a common financial, economic and digital space, similar to the GST.

JAM, a term coined, and a vision conceptualized, by our Chief Economic Adviser, is nothing short of a social revolution, Jaitley said. ” Three years ago today, Prime Minister Narendra Modi announced a flagship program: Pradhan Mantri Jan Dhan Yojana (PMJDY), aimed at providing financial services to the poor. It included opening bank accounts for the poor, giving them electronic means of payment (via RUPAY cards), and placing them in a position to avail themselves of credit and insurance,” he said. About 52.4 crore unique Aadhaar numbers are linked to 73.62 crore accounts in India, he said, according to a PIB release.

Jaitley said that in March 2014, women constituted about 28 % of all savings accounts, with 33.69 crore accounts. ” As of March 2017, according to data from top 40 banks and RRBs, women’s share has risen to about 40%. This includes 14.49 crore accounts opened by women under PMJDY out of a total of 43.65 crore women’s accounts. This represents a sizeable and rapid growth in financial inclusion of women,” Jaitley said.

“Within reach of the country is what might be called the 1 billion-1 billion-1 billion vision. That is 1 billion unique Aadhaar numbers linked to 1 billion bank accounts and 1 billion mobile phones. Once that is done, all of India can become part of the financial and digital mainstream,” the Union Finance Minister said, according to the PIB release.