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India's digital economy and financial inclusion take a giant leap

  • Published
    22nd Aug, 2023


Recently, while virtually addressing the G20 Digital Economy Ministers’ Meet, the Prime Minister highlighted the scale and pace of India’s digital transformation and several schemes that benefitted & expanded the financial architecture of India and brought financial inclusion to almost every adult.

Government’s Efforts

  • Government’s Digital Economy Address: PM highlighted India's digital progress, 850 million internet users, Aadhaar's impact, UPI success, and DBT savings.
  • PMJDY Financial Inclusion: Pradhan Mantri Jan-Dhan Yojana (PMJDY) launched in 2014, world's largest financial inclusion scheme with 500 plus million accounts, emphasizing accessibility and gender sensitivity.
  • PMJDY's Success Metrics: PMJDY boasts 81% operative accounts, average deposit rise to Rs.4, 076, 67% rural coverage, 56% women account holders, and minimal zero-balance accounts.

Story so far for financial Inclusion

  • Banking and Digital Integration: Public sector banks lead with Rs.1.55 lakh crore deposits, 340M RuPay cards issued, and increased digital transactions.
  • Expanded Benefits and Micro-Finance: PMJDY extended insurance schemes, enabling micro-credit and investment plans, boosting financial inclusion.
  • Technological Advancements: PMJDY addresses tech challenges, leverages RuPay's global reach, showcasing Modi government's proactive approach to digital progress.
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