Prime Minister Narendra Modi experienced financial exclusion in his younger days, which led to the conception of the Pradhan Mantri Jan Dhan Yojana (PMJDY). The scheme, aimed at universal financial access, has brought over 53 crore beneficiaries into the banking system, making it the world’s largest financial inclusion scheme.
PMJDY, introduced by the Modi government in 2014, marked its 10th anniversary on Wednesday (28 August 2024).
Reflecting on this experience, ‘Modi Archives’ shared the story on X. The post highlighted how a “young Modi,” from a humble background, opened a bank account as a student, only to realise years later the significance of financial inclusion.
“More than five decades ago, a young school student opened a bank account after being taught the value of savings. At that time, he was unaware that it would go on to teach him a critical lesson—a lesson on ‘financial exclusion,'” the post from Modi Archives stated, along with a video of PM Modi recounting his experience.
“This young boy was none other than our Prime Minister Narendra Modi,” it added. PM Modi, who grew up in modest circumstances, shared in the video how his family’s financial situation prevented him from saving even a single rupee, leaving his bank account empty for years. Bank officials viewed the unused account as a burden, attempting to close it down.
Ultimately, Modi closed the account himself after realising the hassle it caused the bank. In the video, the Prime Minister reflects on how the focus in the past was on closing such accounts. However, today, the emphasis is on opening accounts for everyone, a shift driven by his own experiences of poverty and ‘financial exclusion’.
“At that time, the focus was on closing the bank account. But today, our efforts are centred on opening accounts for everyone. I truly believe that these efforts will bring light into the lives of those living in poverty, giving them a new sense of hope and dignity,” he said in the video.
The post emphasised how this shift towards financial inclusion could only be led by someone who had experienced poverty and economic exclusion. PMJDY, a National Mission on Financial Inclusion, aims to ensure comprehensive financial inclusion for all households in India. It provides universal access to banking facilities, including at least one basic banking account per household, financial literacy, and access to credit, insurance, and pension facilities.
One of the key features of PMJDY by the Modi government is the ability to open a bank account with zero balance, a facility that was not previously available. According to the official website of Jan Dhan Yojana, 53.13 crore beneficiaries have been brought into the banking system so far, with a cumulative balance of Rs 231,235.97 crore in their accounts.
More than five decades ago, a young school student opened a bank account having been taught the value of savings. At that time he was unaware that it would go on to teach him a very important lesson – a lesson on ‘financial exclusion’.
The financial situation of the family was… pic.twitter.com/4qegklzgPS
— Modi Archive (@modiarchive) August 28, 2024
This story is based on an IANS-syndicated feed.
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