JAM trinity has brought social, digital revolution: Jaitley

Bruno Cirelli
Agosto 27, 2017

Three years on, the achievements have been remarkable along many dimensions, according to the finance minister. This includes 14.49 crore accounts opened by women under PMJDY, out of a total of 43.65 crore women's accounts.

The BJP leader noted that the trinity is "nothing short of a social revolution because it has brought together financial inclusion (PMJDY), biometric identification (Aadhaar) and mobile telecommunications".

The number of rural accounts opened under PMJDY have grown from 7.54 crore in January 2015, to 17.64 crore as on August 2016. In both schemes, close to 40% of the enrollees are women, he said. These funds have all gone into their bank accounts directly, he said.

The Minister also told the gathering that the central government and the Reserve Bank of India (RBI) had taken steps to adopt digital payments, and incentives were being given to the people for shifting to the digital mode. "No Indian will be outside the mainstream", Jaitley posted on his Facebook account on the third anniversary of the PMJDY.

"A secure and seamless digital payments infrastructure has been created so that all Indians, especially the poor, can become part of the digital mainstream", he said.

The government now makes direct transfer of Rs 74,000 crore to the accounts of 35 crore beneficiaries annually, at more than Rs 6,000 crore per month. These transfers are made under various government anti-poverty and support schemes such as PAHAL, MNREGA, old age pensions, student scholarships etc.

Now with the BHIM app and the Unified Payments Interface (UPI), JAM can become fully operational.

"As India is a cash using society with economic and social costs involved in excessive use of cash, its anonymity allows owners to risk while the state suffers due to tax non-compliance", said Jaitley after unveiling 100 digital villages, 100 branches and 100 ATMs of state-run Vijaya Bank here. The poor will have access to financial services and be cushioned against life's major shocks.

JAM offers substantial benefits for the government, the economy and especially the poor, as well as weeds out leakages from the subsidy system, the Finance Minister said.

He said that soon in the country, one billion unique Aadhaar numbers will be linked to one billion bank accounts and one billion mobile phones.

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