Opinion: A Revolution in Financial Inclusion
July 9, 2025
  • Read Ecopy
  • Circulation
  • Advertise
  • Careers
  • About Us
  • Contact Us
Organiser
  • ‌
  • Bharat
    • Assam
    • Bihar
    • Chhattisgarh
    • Jharkhand
    • Maharashtra
    • View All States
  • World
    • Asia
    • Europe
    • North America
    • South America
    • Africa
    • Australia
    • Global Commons
  • Editorial
  • International
  • Opinion
  • Op Sindoor
  • More
    • Analysis
    • Sports
    • Defence
    • RSS in News
    • Politics
    • Business
    • Economy
    • Culture
    • Special Report
    • Sci & Tech
    • Entertainment
    • G20
    • Azadi Ka Amrit Mahotsav
    • Vocal4Local
    • Web Stories
    • Education
    • Employment
    • Books
    • Interviews
    • Travel
    • Law
    • Health
    • Obituary
    • Podcast
MAGAZINE
  • ‌
  • Bharat
    • Assam
    • Bihar
    • Chhattisgarh
    • Jharkhand
    • Maharashtra
    • View All States
  • World
    • Asia
    • Europe
    • North America
    • South America
    • Africa
    • Australia
    • Global Commons
  • Editorial
  • International
  • Opinion
  • Op Sindoor
  • More
    • Analysis
    • Sports
    • Defence
    • RSS in News
    • Politics
    • Business
    • Economy
    • Culture
    • Special Report
    • Sci & Tech
    • Entertainment
    • G20
    • Azadi Ka Amrit Mahotsav
    • Vocal4Local
    • Web Stories
    • Education
    • Employment
    • Books
    • Interviews
    • Travel
    • Law
    • Health
    • Obituary
    • Podcast
Organiser
  • Home
  • Bharat
  • World
  • Operation Sindoor
  • Editorial
  • Analysis
  • Opinion
  • Culture
  • Defence
  • International Edition
  • RSS in News
  • Magazine
  • Read Ecopy
Home Bharat

Opinion: A Revolution in Financial Inclusion

The new Indian government, under the leadership of Prime Minister Modiji, is launching India into the 21st century by pursuing

by Archive Manager
Sep 6, 2014, 04:05 pm IST
in Bharat
FacebookTwitterWhatsAppTelegramEmail

Intro:Government is providing tools for people to improve their quality lives and gain dignity in pursuit. ?

The new Indian government, under the leadership of Prime Minister Modiji, is launching India into the 21st century by pursuing a compelling nationalist agenda. Our economic philosophy is to empower our citizens with the tools to improve their lives while boosting the productive capacity of the Indian economy.
An important initiative in this direction is the launching of the Pradhan Mantri Jan-Dhan Yojana (PMJDY) for financial inclusion. Jan-Dhan literally means people’s wealth, and we intend to bring prosperity to everyone through an efficient and streamlined system. We plan to conduct the biggest financial inclusion drive in world history, by providing bank accounts to 7.5 crore unbanked households. There have been many attempts at increasing financial inclusion in India so far, but none of them have been successful because they did not take the ecosystem approach. This programme, however, benefits all elements of the financial inclusion ecosystem and creates the right incentives to expand banking services to the unbanked.

Also Read : Partition Inevitable For Ukraine?

Our approach towards expanding financial inclusion is by creating a win-win situation for all stakeholders. The most important stakeholders, the unbanked households, should be very eager to pursue this programme, as not only do they get bank accounts, but also several other attractive benefits. They get an accidental insurance cover of Rs 1 lakh, life insurance of Rs 30,000, overdraft facility of Rs 5,000, and the RuPay debit card—all of which add convenience to their daily lives and facilitate their entrepreneurial endeavours.
Secondly, we need an army of lakhs of business correspondents to reach out to the unbanked households. These Bank Mitras will get a healthy remuneration of at least Rs 5,000 a month, which will be a strong incentive for them to get new bank accounts opened, attend to the customers’ needs and make the entire process convenient for unbanked households. We are hopeful that thousands of people in the service sectors, any kirane-wala or pan-wala will be motivated to make extra income, and thus help us in executing this ambitious programme.

Also Read : Neither Disintegration Nor Degeneration

Finally, the government, which itself is a stakeholder, will be able to distribute welfare benefits to citizens more efficiently. This efficiency would primarily be achieved by enhanced convenience and reduced leakage of benefits. A massive research study led by Prof Karthik Muralidharan from the University of California on biometric smartcards in India has shown that direct benefits transfer reduced leakage of funds between the government and beneficiaries, by about 12 per cent. It has also shown that payments were collected in 20-30 per cent lesser time. Hence, the government’s aim of social welfare will be served better, and at the same time this method would be much more cost efficient.
The NDA government’s economic philosophy is to move away from the UPA approach of entitlements and consumption-led growth to empowerment and investment-led growth. The people of India do not want hand-outs, they want jobs. The people of India do not want empty rights, they want concrete opportunities. The people of India do not want to stay poor; they aspire to join the middle class. In its earlier stint (1998-2004) too, the NDA government had started projects such as the Kisan Credit Card and the Pradham Mantri Gram Sadak Yojana, which enabled people to improve their lives. Likewise, the new government will provide people with tools to improve the quality of their lives and gain dignity in this pursuit. We will truly empower our people by providing them dignity and prosperity.
Jayant Sinha ?(The writer is a Lok Sabha-MP of BJP from Hazaribagh, Jharkhand and an IITian Delhi)?

Also Read : Secularism Or Opportunism

ShareTweetSendShareSend
✮ Subscribe Organiser YouTube Channel. ✮
✮ Join Organiser's WhatsApp channel for Nationalist views beyond the news. ✮
Previous News

100 Days Report Card: 100 Days of? Modi Government?

Next News

Opinion: Secularism or Opportunism ?

Related News

Pakistan SC acquits 72-year-old Christian Anwar Kenneth after 23 years on false blasphemy charges

Pakistan: After 23 years of detention, Supreme Court acquits 72-year-old Christian Catholic man accused of blasphemy

Representative image

Karnataka: NIA arrests Nagaraj, Chan Pasha, and Anees Fathima in LeT prison radicalisation case

Union Minister of State for Home Affairs, Nityanand Rai

“Formation of Youth Commission in Bihar is historic”: Union Minister Nityanand Rai

ABVP's increasing presence in the northeast

ABVP Marks 77th Foundation Day: Decades of national integration efforts resonate in Northeast India

India Today journo faces backlash for misreporting name of MNS leader’s son in a case; Corrects article after outcry

PM Modi concludes a historic Brazil visit, first Indian PM in 57 years on state visit, bolstering bilateral ties

Five Nation Tour: PM Modi concludes historic Brazil state visit, receives top civilian honour & deepens bilateral ties

Load More

Comments

The comments posted here/below/in the given space are not on behalf of Organiser. The person posting the comment will be in sole ownership of its responsibility. According to the central government's IT rules, obscene or offensive statement made against a person, religion, community or nation is a punishable offense, and legal action would be taken against people who indulge in such activities.

Latest News

Pakistan SC acquits 72-year-old Christian Anwar Kenneth after 23 years on false blasphemy charges

Pakistan: After 23 years of detention, Supreme Court acquits 72-year-old Christian Catholic man accused of blasphemy

Representative image

Karnataka: NIA arrests Nagaraj, Chan Pasha, and Anees Fathima in LeT prison radicalisation case

Union Minister of State for Home Affairs, Nityanand Rai

“Formation of Youth Commission in Bihar is historic”: Union Minister Nityanand Rai

ABVP's increasing presence in the northeast

ABVP Marks 77th Foundation Day: Decades of national integration efforts resonate in Northeast India

India Today journo faces backlash for misreporting name of MNS leader’s son in a case; Corrects article after outcry

PM Modi concludes a historic Brazil visit, first Indian PM in 57 years on state visit, bolstering bilateral ties

Five Nation Tour: PM Modi concludes historic Brazil state visit, receives top civilian honour & deepens bilateral ties

Image for representational purpose only: Security personnel during an anti-Maoist operation

Two CRPF jawans injured in IED blast in Bijapur; Maoist wanted in UAPA case held in Jamui

77th Foundation Day of ABVP: Celebrating glorious years of nation-building through student leadership

Representative image

UP Kanwar Yatra Incident: Mohd Shehzad spits on woman carrying Kanwar, arrested amid tight security in Muzaffarnagar

Representative Image

Invisible Strike By India: From jugaad at Kargil to digital deception of Rafale in Operation Sindoor

  • Privacy
  • Terms
  • Cookie Policy
  • Refund and Cancellation
  • Delivery and Shipping

© Bharat Prakashan (Delhi) Limited.
Tech-enabled by Ananthapuri Technologies

  • Home
  • Search Organiser
  • Bharat
    • Assam
    • Bihar
    • Chhattisgarh
    • Jharkhand
    • Maharashtra
    • View All States
  • World
    • Asia
    • Africa
    • North America
    • South America
    • Europe
    • Australia
    • Global Commons
  • Editorial
  • Operation Sindoor
  • Opinion
  • Analysis
  • Defence
  • Culture
  • Sports
  • Business
  • RSS in News
  • Entertainment
  • More ..
    • Sci & Tech
    • Vocal4Local
    • Special Report
    • Education
    • Employment
    • Books
    • Interviews
    • Travel
    • Health
    • Politics
    • Law
    • Economy
    • Obituary
    • Podcast
  • Subscribe Magazine
  • Read Ecopy
  • Advertise
  • Circulation
  • Careers
  • About Us
  • Contact Us
  • Policies & Terms
    • Privacy Policy
    • Cookie Policy
    • Refund and Cancellation
    • Terms of Use

© Bharat Prakashan (Delhi) Limited.
Tech-enabled by Ananthapuri Technologies