Financial inclusion is the process of ensuring that every individual in a country has access to financial services. This process has been under way in India since the beginning of the 21st century. However, with the leadership of Prime Minister Narendra Modi since 2014, the process has gathered momentum and is now more successful than ever before.
In 2014, Modi launched the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme, aimed at ensuring financial inclusion for all sections of society, especially the poor and rural areas. The scheme has been highly successful with the opening of 47.8 crore accounts, with a total balance of more than ₹1.99 lakh crore till March 2023.
The government has also made significant progress in promoting a cashless economy under the Digital India programme. The country witnessed a significant increase in digital payments, with a 55 percent rise in inter-bank mobile payment transactions in 2020. Initiatives like the Unified Payments Interface (UPI) have made online transactions simpler, faster and more secure. India has rapidly become one of the largest adopters of digital payments in the world.
Esta historia es de la edición June 04, 2023 de THE WEEK India.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición June 04, 2023 de THE WEEK India.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
What Will It Take To Clean Up Delhi Air?
IT IS ASKED, year after year, why Delhi’s air remains unbreathable despite several interventions to reduce pollution.
Trump and the crisis of liberalism
Although Donald Trump's election to a non-consecutive second term to the US presidency is not unprecedented—Grover Cleveland had done it in 1893—it is nevertheless a watershed moment.
Men eye the woman's purse
A couple of months ago, I chanced upon a young 20-something man at my gym walking out with a women’s sling bag.
When trees hold hands
A filmmaker explores the human-nature connect through the living root bridges
Ms Gee & Gen Z
The vibrant Anuja Chauhan and her daughter Nayantara on the generational gap in romance writing
Vikram Seth-a suitable man
Our golden boy of literature was the star attraction at the recent Shillong Literary Festival in mysterious Meghalaya.
Superman bites the dust
When my granddaughter Kim was about three, I often took her to play in a nearby park.
OLD MAN AND THE SEA
Meet G. Govinda Menon, the 102-year-old engineer who had a key role in surveying the Vizhinjam coast in the 1940s, assessing its potential for an international port
Managing volatility: smarter equity choices in uncertain markets
THE INDIAN STOCK MARKET has delivered a strong 11 per cent CAGR over the past decade, with positive returns for eight straight years.
Investing in actively managed low-volatility portfolios keeps risks at bay
AFTER A ROARING bull market over the past year, equity markets in the recent months have gone into a correction mode as FIIs go on a selling spree. Volatility has risen and investment returns are hurt.
