Eighty percent of the 240 million new bank accounts created under the Narendra Modi government’s Jan Dhan Yojana now have balance in them, Finance Minister Arun Jaitley has said.
Mr. Jaitley was participating in a panel discussion at the World Bank on financial inclusion and de-risking or measures to prevent the illicit use of the banking system.
The Ministers of India, Indonesia, treasury secretary of the U.S and the Governor of the People’s Bank of China who were part of the panel along with World Bank President Jim Yong Kim represented 43 per cent of the world population and 40 per cent of unbanked adults.
Mr. Kim said the progress made by India in financial inclusion is a model that is inspiring for the rest of the world. Other speakers also lauded India’s progress in financial inclusion.
“All programmes of the government that give assistance to weaker sections of the society — rural employment guarantee, subsidy on food and fertiliser etc — are being transferred through these accounts now. Getting them connected to an insurance scheme in the next goal,” Mr. Jaitley said.
The Minister said the Unique Identity Card scheme has now covered 80 per cent of Indian population and it makes it easier for the banks to know who their customers are.
