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Explaining the government's plan for social revolution with JAM (Jan Dhan, Aadhaar and Mobile), union finance minister Arun Jaitley on Sunday said that that it offers substantial benefits for government, the economy and 'especially' the poor.
The Union Minister, celebrating the third anniversary of Prime Minister's Jan Dhan Yojana, in a post on social media website Facebook said, "Just as GST created one tax, one market, one India, the PMJDY and the JAM revolution can link all Indians into one common financial, economic, and digital space. No Indian will be outside the mainstream."
The BJP leader noted that the trinity is "nothing short of a social revolution because it has brought together financial inclusion (PMJDY), biometric identification (Aadhaar) and mobile telecommunications."
"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," he said.
Focusing on the benefits of JAM for poor, the minister said that it provide security them security with life insurance under the Jeevan Jyoti Bima Yojana and accident insurance under Suraksha Bima Yojana.
While he said that it provides the poor 'access to financial services', he added that it also help the government weed out of system leakages and improve the government finances by reduced subsidy.
He said, "The government now makes direct transfer of Rs. 74,000 crore to the financial accounts of 35 crore beneficiaries annually, at more than Rs. 6000 crores per month. These transfers are made under various government anti-poverty and support schemes such as PAHAL, MNREGA, old age pensions, student scholarships etc."
He also talked about Aadhaar seeding with bank accounts and PAN, telling that about 52.4 crore unique Aadhaar numbers are linked to 73.62 crore accounts in India. "As a result," he said, "the poor are able to make payments electronically. Every month now, about 7 crore successful payments are made by the poor using their Aadhaar identification."
The Finance Minister concluded his post saying, "These transfers are made under various government anti-poverty and support schemes such as PAHAL, MNREGA, old age pensions, student scholarships etc"