P.M Narender Modi New policy
Pradhan Mantri Jan Dhan Yojana
Three months into the Prime Minister’s Office, Modi launched the Pradhan Mantri Jan Dhan Yojana, with a festivity of financial records and a flood of political slogans. A scheme to deliver financial inclusion from the top, Jan Dhan Yojana helps unbanked Indians open a bank account, get a debit card, and access to social security schemes like insurance and pension.
In terms of numbers, it has enabled the financialisation of India at a never-seen-before scale — on 17 January 2018, there were almost 310 million beneficiaries, three-fifths of them in rural areas, with a total balance of Rs 73,690 crore. With an average balance of Rs 2,377 per account, this shows that despite there being no minimum balance requirements, the first steps of unbanked Indians towards organised finance have been taken. Critics have raised issues of privacy and security and these would likely get ironed out, going forward. But nobody can deny the advantages of the poor having access to modern finance.
In terms of numbers, it has enabled the financialisation of India at a never-seen-before scale — on 17 January 2018, there were almost 310 million beneficiaries, three-fifths of them in rural areas, with a total balance of Rs 73,690 crore. With an average balance of Rs 2,377 per account, this shows that despite there being no minimum balance requirements, the first steps of unbanked Indians towards organised finance have been taken. Critics have raised issues of privacy and security and these would likely get ironed out, going forward. But nobody can deny the advantages of the poor having access to modern finance.
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