India's financial inclusion transforms lives of millions: DFS Secretary

India’s ambitious financial inclusion drive has fundamentally transformed the economic landscape for hundreds of millions of citizens, particularly women and rural populations, a senior government official said at the Global Inclusive Finance Summit.

- TBG NETWORK

M Nagaraju, Secretary of the Department of Financial Services, described the launch of the Pradhan Mantri Jan Dhan Yojana (PMJDY) on August 28, 2014, as “one of the most transformative days in India’s history.” Speaking at the summit, Nagaraju revealed that the scheme has opened more than 530 million bank accounts, with 72 per cent in rural and semi-urban areas. Women now hold 56 per cent of these accounts, effectively eliminating the gender gap in account ownership. “Apart from the numbers, what has changed in the rural areas is the way women actually started perceiving themselves as equal stakeholders in the economic development of the family,” Nagaraju said. “It