Banks have opened 11.50 crore accounts under the Pradhan Mantri Jan-Dhan Yojana, much higher than the targeted 10 crore, and these accounts would be used to pass on benefits of various social security schemes to the account holders, finance minister Arun Jaitley said.
“Most of India today is included in the banking system,” the finance minister said adding that a deposit of Rs 9,188 crore has been mobilised in the accounts opened.
Jaitley said that Rupay cards have been issued to more than 10 crore beneficiaries and “it is out effort to promote the use of plastic currency to make ours a cash-less society in the long run,” he said. “Under the direct benefit transfer in LPG subsidy, Rs 1,757 crore has been transferred to the beneficiary accounts since November15, 2014,” Jaitley said.
He said that there has been a shift in the government’s approach with regards to financial inclusion campaign started by the UPA government in 2011. “The earlier campaign… had a limited objective… focus was on the coverage of villages with population of 2,000 or more with banking services… major shift is that households targeted instead of only villages,” he said.
Financial services secretary Hasmukh Adhia said even Guinness Book of World Records has recognised the achievements made under the scheme. The Guinness Book said: “Most bank accounts opened in one week as part of the Financial Inclusion Campaign is 18,096,130 and was achieved by the Government of India from August 23 to 29, 2014.”
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