Describing the Pradhan Mantri Jan Dhan Yojana as “more than just a policy”, one that ensures “each and every citizen, irrespective of one’s economic background” has access to formal banking, Prime Minister Narendra Modi criticised the Congress Wednesday, saying its government in the past nationalised banks in the name of the poor but they never got access to banking. In a post on social media platform LinkedIn, Modi said, “Today marks a decade since the Pradhan Mantri Jan Dhan Yojana was launched. For me, this initiative was more than just a policy — it was an endeavour to build an India where each and every citizen, irrespective of one’s economic background, has access to the formal banking apparatus.” He said when he assumed office in 2014, the situation was very different. “It was almost 65 years since Independence, but access to banking was a distant dream for almost half of our households,” he said. “This problem becomes even more ironic considering the fact that four-and-a-half decades ago, banks were nationalised by the then (Congress) Government and that too in the name of the poor! Yet, the poor never got access to banking,” Modi said in the post titled ‘A decade of financial inclusion – the PM Jan Dhan Yojana’. “When the Jan Dhan Yojana was rolled out, I remember the scepticism that surrounded it too. Some people asked: Could it really be possible to bring such a large number of people into the banking system? Will this effort lead to any concrete changes? Yes. The scale of the challenge was enormous, but so was the determination of the people of India to ensure it becomes a reality,” he said. “The success of the Jan Dhan Yojana has two parts to it. One is in the numbers: Today, over 53 crore people who never imagined they would enter a bank have bank accounts. These accounts have a deposit balance of over Rs. 2.3 lakh crore. Over 65% of the accounts are either in rural or semi-urban areas, thus taking the movement of financial inclusion outside the metros. Direct transfers worth almost Rs 39 lakh crore have taken place,” he said. “But, the second part goes beyond the impressive numbers. Jan Dhan Yojana has proven to be game-changing as far as women’s empowerment is concerned. Almost 30 crore women have been brought into the banking system,” he said. “Likewise, the benefits of the scheme and the other benefits that come thanks to a bank account have positively impacted crores of SC, ST and OBC families. They have also benefited those families who belong to the middle and neo-middle classes. Had it not been for the Jan Dhan Yojana, the MUDRA Yojana, or the social security schemes of the Government, namely the Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana and the Atal Pension Yojana would never have been as impactful,” he said. The Jan Dhan accounts, Modi said, also became a vital pillar of the JAM Trinity – Jan Dhan, Aadhaar and Mobile. “The landmark contribution of this trinity was to eliminate the scourge of middlemen and touts who, for decades, thrived in public loot,” he said. Observing that India’s digital payments success story is noted the world over, Modi said, “Over 40% of real time digital payments in the world happen in India!”
