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The JAM (Jan-Dhan, Aadhaar, and Mobile) trinity has significantly contributed to **financial inclusion** in India. Let's elaborate on this with insights from the Economic Survey 2024: ### Financial Inclusion 1. Jan-Dhan Yojana: Objective: Launched in 2014, the Pradhan Mantri Jan-Dhan Yojana (PMJDY) aims to provide universal access to banking facilities. It offers basic savings bank accounts with minimal documentation, ensuring that every household has access to financial services. Impact: As of 2024, the scheme has successfully opened over 450 million bank accounts, many of which belong to individuals from economically weaker sections. This has significantly increased the penetration of banking services across rural and urban India. 2. Aadhaar: Objective: Aadhaar is a unique 12-digit identification number issued by the Unique Identification Authority of India (UIDAI). It serves as proof of identity and address anywhere in India. Impact:Aadhaar has streamlined the delivery of various government subsidies and benefits directly to the beneficiaries' bank accounts, reducing leakages and ensuring transparency. This has been pivotal in ensuring that financial benefits reach the intended recipients without intermediaries. 3. Mobile Banking: Objective: Mobile banking leverages the widespread use of mobile phones to offer banking services. This includes digital wallets, Unified Payments Interface (UPI), and mobile banking apps. Impact: Mobile banking has revolutionized the way financial services are accessed and used in India. The proliferation of smartphones and affordable data plans has enabled even those in remote areas to perform banking transactions easily. UPI, in particular, has seen exponential growth, facilitating millions of transactions daily. Combined Impact of JAM Trinity The integration of Jan-Dhan accounts, Aadhaar, and Mobile phones has created a robust infrastructure for financial inclusion. The Economic Survey 2024 highlights several key outcomes: Direct Benefit Transfers (DBT): The JAM trinity has facilitated the efficient transfer of subsidies and welfare payments directly into beneficiaries' bank accounts, minimizing corruption and ensuring timely disbursal. Increased Savings: With access to banking services, individuals are more likely to save formally, leading to increased financial stability and the accumulation of financial assets. Credit Accessibility: The formal financial inclusion of previously unbanked populations has enabled them to access credit and loans, fostering entrepreneurship and economic growth. Insurance and Pension Coverage: Jan-Dhan accounts have also been linked with insurance and pension schemes, providing a safety net to vulnerable sections of society. In conclusion, the JAM trinity has significantly bolstered financial inclusion in India, ensuring that a larger segment of the population can benefit from financial services, government schemes, and economic opportunities.
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