Jaitley says PMJDY scheme ushering in revolution
Arun Jaitley, on the occasion of 3rd anniversary of the Pradhan Mantri Jan Dhan Yojana (PMJDY) said it had brought all "Indians into one common financial, economic, and digital space". Jaitley said since 2015, PMJDY accounts opened grew from 12.55 crore to 29.52 crore. Even rural accounts grew from 7.54 crore to 17.64 crore and average balance increased from Rs. 837 to Rs. 2,231.
PM launches the Jan Dhan Yojana: Bank account for everyone
Launched in 2014, the Pradhan Mantri Jan-Dhan Yojana (PMJDY) was aimed at 'revolutionizing traditional banking system' by providing financial inclusion to all individuals who didn't have a bank account. Under this scheme, anyone can open a bank account without depositing any money if he/she fits the eligible criteria. The scheme also provided insurance, mobile banking and loan benefits.
Government making Aadhaar mandatory
Modi government made it compulsory for those applying for PAN card or filing I-T returns to have an Aadhaar card. Aadhaar has been mandated for opening new bank accounts and for transactions above Rs. 50,000. Even EPFO retirement funds will go to those with Aadhaar. Clearly, the government is aggressively pushing to make India a pan-Aadhaar landscape.
Aadhaar to be linked to mobile numbers
In an attempt to implement a foolproof identity verification system, in May, telcos were asked to link mobile numbers to their owners' Aadhaar numbers. Telecom operators would need to overhaul their enrollment procedures for this. Telecom operators like Idea and Airtel have already started sending messages to their current subscribers asking them to join their Aadhaar and mobile numbers.
Pan-India Aadhaar, but is it even legal? Yes, it is.
While the government aggressively pushes for Aaadhar, there have been questions on whether it is even legal to link it to bank accounts as there have been many instances of security breaches with Aadhaar details getting leaked. However, in June, the SC upheld the linking.
From Roti, Kapda, Makaan to JAM (Jan-Dhan, Aadhaar, Mobile)
Jaitley said that Jan Dhan, Aadhaar, and mobile will collectively bring Indians into a "common financial, economic and digital space". He said with the linking of Jan Dhan, Aadhaar and mobile, the government was providing privileges to "the poor, the economy and the government". He said the government's vision was to connect "1 billion Aadhaar numbers, 1 billion bank accounts and 1 billion mobile phones".
