JAM trinity nears 100cr people mark, says Jaitley

Centre makes direct transfer of `74,000 crore to the financial accounts of 35 crore beneficiaries annually

Arun Jaitley on Sunday said that the country is within the reach of ‘1 billion-1 billion-1 billion’ vision where 100 crore Aadhaar numbers are linked to 1 billion bank accounts and 1 billion mobile phones to bring all of India into financial and digital mainstream.

“Within reach of the country is what might be called the 1 billion-1 billion-1 billion vision. That is 1 billion unique Aadhaar numbers linked to 1 billion bank accounts and 1 billion mobile phones. Once that is done, all of India can become part of the financial and digital mainstream,” Mr Jaitley said in a post on Facebook.

He said that just as GST created one tax, one market, one India, the Pradhan Mantri Jan Dhan Yojana (PMJDY) and the JAM (Jan Dhan, Aadhaar and Mobile) revolution can link all Indians into one common financial, economic, and digital space.

“No Indian will be outside the mainstream. This is nothing short of a social revolution,” said the finance minister.

“Three years ago today, Prime Minister Narendra Modi announced a flagship program: PMJDY aimed at providing financial services to the poor. These included opening bank accounts for the poor, giving them electronic means of payment, and placing them in a position to avail themselves of credit and insurance,” he said.

Mr Jaitley said that JAM social revolution offers substantial benefits for government, the economy and especially the poor.

“The poor will have access to financial services and be cushioned against major shocks. The government finances will be improved because of the reduced subsidy burden; at the same time, the government will also be legitimised and strengthened because it can transfer resources to citizens faster and more reliably and with less leakage,” he said.

JAM is nothing short of a social revolution because it has brought together financial inclusion (PMJDY), biometric identification (Aadhaar) and mobile telecommunications — ARUN JAITLEY, Finance minister