JAM Trinity propelled our banking to a different level: FM Sitharaman

Finance Minister Nirmala Sitharaman called JAM (Jan Dhan Aadhaar Mobile) Trinity a game-changer for India. While virtually addressing the inaugural session of 'MANTHAN' Conclave being held in Aurangabad, the Finance Minister said "By bringing the financially excluded, by saving pilferage and disbursing government benefits to genuine beneficiaries, by providing SMS updates to citizens on their bank transactions, the JAM trinity catapulted our banking to a different level altogether."

Sitharaman stated that Prime Minister Narendra Modi was clear that financial inclusion was likely to be achieved better without any inconvenience for anybody by using the JAM Trinity, according to an official statement issued by the Ministry of Finance.

The Finance Minister said, "PMJDY accounts helped us reach everyone, even if the accounts were zero balance accounts. Even people who hesitated to enter the mainstream were also brought in and given confidence, with opening of their accounts, disbursing of RuPay Cards and insurance cover".

Sitharaman added that "the financial inclusion brought in by Jan Dhan has stood by us during a pandemic as grave as the Covid - 19 pandemic. It is because of Jan Dhan that many people and small businesses got collateral-free loans".

Talking about Aadhaar linkage Sitharaman said, "Aadhaar seeding of bank accounts gave us an instant KYC benefit. This enabled beneficiaries getting benefits directly into their Jan Dhan and KYC verified accounts".

Addressing the gathering Union Minister of State for Finance Dr Bhagwat Karad said, "Today we will focus on how maximum people can be brought under this Yojana so that they can benefit from each and every programme of the government".

Speaking about the MUDRA loans, Karad said "MUDRA loans to be made more hassle free and available to those who wanted to start businesses".          

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