World Bank said JAM (Jan Dhan, Aadhar, Mobile) trinity – a combination of bank accounts for all, Aadhaar, and mobile connectivity — has propelled financial inclusion rate from 25 per cent in 2008 to over 80 per cent of adults in past six years, a journey which according to it shortened by up to 47 years — thanks to DPIs
Union Home Minister Amit Shah on Friday, citing the World Bank report on India’s digital public infrastructure push, said that the nation has achieved 80 pc financial inclusion under the leadership of Prime Minister Narendra Modi.
Taking to ‘X’ (formerly Twitter), Shah said, “The World Bank takes note that, under the leadership of PM @narendramodi Ji, our nation has achieved 80% financial inclusion in just 6 years, instead of the 47 years it might have taken in the normal course. The G20 report of the bank acknowledges that the robust Jandhan, Aadhar and Mobile Trinity infrastructure built by Modi Ji has empowered millions”.
“The report also highlights that our country has saved $33 billion through the DBT system. Every rupee saved by our nation is a step toward our goal of becoming a fully developed nation during the Amrit Kaal”, Shah added. World Bank has said India’s Digital Public Infrastructure has had a transformative impact, extending far beyond just financial inclusion.
The international financial institution in a document applauded India, stating what the country has achieved in just six years would have otherwise taken about five decades.
The World Bank document prepared ahead of the big G20 Summit in New Delhi highlighted the key measures taken by the Modi government and the pivotal role of government policy and regulation in shaping the Digital Public Infrastructure (DPI) landscape.
World Bank said JAM (Jan Dhan, Aadhar, Mobile) trinity – a combination of bank accounts for all, Aadhaar, and mobile connectivity — has propelled financial inclusion rate from 25 per cent in 2008 to over 80 per cent of adults in past six years, a journey which according to it shortened by up to 47 years — thanks to DPIs.
“While DPIs’ role in this leapfrogging is undoubtable, other ecosystem variables and policies that build on the availability of DPIs were critical. These included interventions to create a more enabling legal and regulatory framework, national policies to expand account ownership, and leveraging Aadhaar for identity verification,” the World Bank document noted.
Since its launch in 2014, the first year under Narendra Modi’s prime ministership, the number of PM Jan Dhan Yojana accounts tripled from 147.2 million in March 2015 to 462 million by June 2022; women own 56 percent of these accounts, more than 260 million.
The Pradhan Mantri Jan Dhan Yojana (PMJDY) – the national mission for financial inclusion and banking the unbanked – completed nine years of implementation.
The initiative was announced by Prime Minister Narendra Modi in his maiden Independence Day address from Red Fort in 2014. Later he launched the programme on August 28, 2014.
PMJDY has brought the unbanked into the banking system, expanded the financial architecture of India and brought financial inclusion to almost every adult. Further, the World Bank also noted how India leveraged technology to directly transfer benefits to the citizens, besides using UPI for retail payments.
“The DPI in India has also enhanced efficiency for private organizations through reductions in the complexity, the cost and the time taken for business operations in India,” it said.