Use mobile and e-Banking to ensure financial inclusion

Use mobile and e-Banking to ensure financial inclusion

Jan Dhan at Three: Need for Linking Financial Inclusion to Socioeconomic Development

Sep 01,2017|The Wire|Full Article

The Pradhan Mantri Jan Dhan Yojana (PMJDY) – Prime Minister Narendra Modi’s flagship financial scheme – has led to the opening of nearly 29.6 crore accounts in the last three years, 17.7 crore of which are in rural areas and 11.9 crore in urban areas. The number of RuPay cards has increased to 22.7 crore. The progress has been impressive.

why is it necessary that the country like ours should pursue financial inclusion? This is for many reasons. First, a bank account provides dignity to the holder. It is not only the pride of having a bank account which is important but much more important is the fact that a bank account implies availability of financial resources, some for livelihood purposes, at reasonable rates of interest.

This implies that the bank account holder cannot be exploited by the greedy money lender and discourage productive activity by high rates of interest.

It is precisely for this reason that the government has been making efforts since the beginning of planning era to ensure that a large number of people are covered under various schemes of financial inclusion.

PM Narendra Modi launches UPI based mobile payment app called BHIM

Dec 31,2016|The Economic Times|Full Article

Urging people to make digital payments a "habit" to make the country a cashless economy, Prime Minister Narendra Modi on Friday launched a mobile app for the Unified Payment Interface (UPI). The application, which will be common across all banks and financial institutions, is called BHIM (Bharat Interface for Mobile).

The common UPI-based BHIM app will enable people to send and receive money through their mobile phones by linking their bank accounts and getting a UPI PIN number. The app will also work on feature phones through an upgraded USSD (Unstructured Supplementary Service Data) platform.