Emphasising that the demonetization was a success, Jaitley said that after November 8 announcement, the non-formal sectors of economy was smoothly integrated with the formal sector.
Finance Minister Arun Jaitley on Wednesday said that the zero balance accounts under Pradhan Mantri Jan-Dhan Yojna (PMJDY) have reduced to 20% from 77% in just three years.
Speaking at the financial inclusion conclave on Wednesday in New Delhi, the Finance Minister said that it's only after 2014 after the launch of PMJDY that the condition of financial inclusion improved.
"Almost 42% of Indian households before the scheme was launched were not under the banking system", the Union Finance Minister said.
He further added that after the roll out of PMJDY, India has now a fully grown society with bank accounts.
Listing out the achievements of the government's ambitious scheme, he said that because the state was involved and dedicated to have a legal banking society, the dormants accounts from 77% have come down to just 20% in three years.
He said, "The more the direct benefits expands, the more of these bank accounts functionality will take place".
Emphasising that the demonetization was a success, Jaitley said that after November 8 announcement, the non-formal sectors of economy was smoothly integrated with the formal sector.
He said that during the remonetization period the digital transactions usage also broadened.
The objective of "Pradhan Mantri Jan-Dhan Yojana (PMJDY)" as described on the government's website is to ensure access to various financial services like availability of basic savings bank account, access to need based credit, remittances facility, insurance and pension to the excluded sections i.e. weaker sections & low income groups. This deep penetration at affordable cost is possible only with effective use of technology.
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