India’s Banking Revolution Accelerates: Nirmala Sitharaman Highlights Empowerment Initiatives

In her address in Rajya Sabha, Finance Minister Nirmala Sitharaman highlighted the transformative financial inclusion initiatives launched under the Narendra Modi government. Reflecting on the legacy of former Prime Minister Indira Gandhi's 1969 bank nationalization, Sitharaman shared the remarkable progress made since 2014, with over 54 crore Jan Dhan accounts opened, 56% of which are owned by women. The government’s commitment to empowering marginalized communities is further demonstrated by the PM MUDRA Scheme, which has sanctioned over 50 crore accounts, with 68% of them belonging to women. Additionally, the Stand-up India Scheme has distributed over Rs 30,000 crore to 2.5 lakh people, 76% of whom are women. These initiatives reflect the government's dedication to financial empowerment and inclusive growth, especially for women and underrepresented communities.