Jan-Dhan scheme emerged as biggest instrument of financial inclusion: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Friday said the Pradhan Mantri Jan-Dhan Yojana (PMJDY), launched in 2014, has emerged as the biggest instrument of financial inclusion in the country.

Pradhan Mantri Jan-Dhan Yojana (PMJDY), launched in 2014, has emerged as the biggest instrument of financial inclusion in the country, Finance Minister Nirmala Sitharaman said while addressing the inaugural session of Kautilya Economic Conclave 2023.

Sitharaman said that benefits under more than 50 government schemes are being directly transferred into the beneficiaries' bank accounts, and PMJDY has played pivotal role in making that possible

A certain section of people had made "snide" remarks saying public sector banks would be under pressure as these were zero balance accounts, she observed.

However, these accounts have a balance of more than Rs 2 lakh crore, Sitharaman said.

In her address she also spoke elaborately on climate financing and challenges associated with it.

The minister also said that multilateral institutions including Multilateral Development Banks (MDBs) have become less effective in the current global situation.

Sitharaman also highlighted the challenges posed by global terror and stressed that investors and businesses will have to take into account such factors while making investment decisions.

She further said the Prime Minister Narendra Modi-led government is conscious of the debt situation and has undertaken fiscal management to ensure that the coming generation is not burdened. 

(With PTI inputs)