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

  • Published
    22nd Aug, 2023

Context:

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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