07/06/2021 - Indian Economy

KEY POINTS

·        A YouGov survey showed that 67 per cent of urban Indian women responding to the survey use digital modes of payment on a general basis.

·        The digital payment boom is indicative of a larger paradigm shift in the ease of access to financial services.

·        By giving unique digital identity Aadhaar and by building the Jan-Dhan-Aadhar-Mobile  and Universal Payment Interface  platform, the government has been creating the ground for greater financial inclusion.

·        The Pradhan Mantri Jan Dhan Yojana has added 42.4 crore bank accounts in the past seven years, of which 28 crore are owned by rural Indians.

·        Over 23.5 crore women now own bank accounts across rural and urban India. While Jan Dhan was the first pillar of the JAM trinity, Aadhaar card seeding and bank account linkages to mobile numbers have empowered people.

·        The JAM trinity has helped people know their account status, receive scholarships and fellowships, get fertiliser and LPG subsidy, disability pensions and farm income support.

·        With an estimated saving of Rs 1.8 lakh crore, the success of DBT is a positive aspect for the central government.

·        This is also critical to achieving the Sustainable Development Goals to which India remains committed, especially when it comes to fighting poverty, reducing gender inequalities and ushering in greater social equity, among others.

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