Global Economy

Finance Ministry to showcase achievements of financial inclusion at Republic Day parade

NEW DELHI: The Finance Ministry will showcase achievements of the financial inclusion drive through a tableau during the Republic Day parade on January 26. The Defence Ministry has selected the design of Department of Financial Services (DFS) of Ministry of Finance for taking part in the parade.

Besides DFS, Department for Promotion of Industry and Internal Trade, Department of Drinking Water and Sanitation, NDRF Ministry of Home Affairs, CPWD Ministry of Housing and Urban Affairs, and Ministry of Shipping will also participate in the Republic Day parade, according to a Defence Ministry release.

Financial inclusion programme initiated in mission mode since August 2014 to ensure access to financial services – banking/ savings & deposit accounts, remittance, credit, insurance, pension.

Under Pradhan Mantri Jan Dhan Yojana as many as 37.87 crore accounts have been opened with total deposit of Rs 1.12 lakh crore.

India’s financial inclusion efforts have won recognition from the World Bank as their data indicated that 55 per cent of new bank accounts were opened are from India.

As per the World Bank Global Findex Report 2017, adult bank account holders in India increased to 80 per cent in 2017 as compared to 53 per cent in 2014 and 35 per cent in 2011.

The report acknowledged impact of government policy in reducing gaps in bank account ownership between rich and poor to 5 per cent in 2017, down from 15 per cent in 2014.

Besides, the government also initiated insuring the uninsured. Under this, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana was launched in 2015.

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The PMJJBY offers life insurance cover of Rs 2 lakh in case of death due to any reason to people in the age group of 18-50 years having a bank or post office account, who give their consent to join or enable auto-debit of premium of Rs 330 per annum.

The PMSBY offers insurance cover of Rs 2 lakh for accidental death or total permanent disability and Rs 1 lakh for partial permanent disability to people in the age group of 18-70 years with a bank or post office account, who give their consent to join or enable auto-debit of premium of Rs 12 per annum.


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