Several Measures taken by the government to strengthen Financial Inclusion; Over 55.90 Crore Jan Dhan Accounts Opened since 2014

Several Measures taken by the government to strengthen Financial Inclusion; Over 55.90 Crore Jan Dhan Accounts Opened since 2014

The Government has taken many initiatives to deepen financial inclusion and ensure that access to basic banking services leads to meaningful participation in the formal financial system, including access to credit. The launch of the Pradhan Mantri Jan Dhan Yojana (PMJDY) in August 2014 marked a significant step in banking the unbanked by facilitating the opening of basic savings bank deposit accounts, with associated features such as RuPay debit cards and an in-built overdraft facility. As on date, over 55.90 crore accounts have been opened under PMJDY.

The Government has, inter-alia, undertaken several measures to ensure that credit inclusion complements deposit inclusion, with a strong focus on funding the unfunded:

To strengthen credit assessment frameworks for individuals lacking conventional credit history, the Government is leveraging technology and alternative data sources:

Further, Reserve Bank of India (RBI) mandates Priority Sector Lending (PSL) targets to ensure that credit flows to sectors such as agriculture, micro and small enterprises, weaker sections, and other underserved areas of the economy. Through these concerted efforts, the Government aims to ensure that financial inclusion evolves from mere access to bank accounts to encompass equitable access to timely and affordable credit, thereby promoting inclusive growth.

This information was given by Minister of State in the Ministry of Finance Shri Pankaj Chaudhary in a written reply to a question in Lok Sabha today