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.
This story is from the June 04, 2023 edition of THE WEEK India.
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This story is from the June 04, 2023 edition of THE WEEK India.
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