Global FinTech Fest 2024: PM Modi Says Jan Dhan Scheme Helped Empower Women

The Global FinTech Fest is currently underway at the Jio World Convention Centre in the Bandra-Kurla Complex. The event was graced by the Indian Prime Minister Narendra Modi.

PM Modi at Fintech

Modi took to the stage to speak at the event. The PM addressed the attendees and touched upon the growth of the Indian Fintech sector. According to him, the growth of fintech has made the Indian banking sector more resilient.

The PM also touched upon the aspect of the centre's own Pradhan Mantri Jan Dhan Yojana or PMJY. This scheme was carved out with the intention to create a paradigm where more and more Indians are brought under the ambit of the banking system.

In addition, the PM also highlighted the crucial role the scheme has played in the Indian paradigm.

Jandhan Has Empowered Women

He also claimed that this scheme had allowed for the financial empowerment of women in the country, thereby bringing about parity.

Speaking at the event in Mumbai, he said, "Jan Dhan accounts have joined the women's Self Help Groups to banking. 10 crore rural women are reaping its benefits. Jan Dhan's program has laid a strong foundation for women's financial empowerment."

In addition, he also touched upon increasing footprint of the Indian banking system and said, "People in Parliament used to ask that there are not enough branches in the country, banks are not available in the villages, internet services are not available...How will there be a Fintech revolution?... Within a decade broadband users increased from 60 million to 940 million"

As per the government of India's own dataset, As on 29/11/2023, a total of 51.04 crore Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts have been started/opened. These 51.04 crore accounts have a total deposit balance of Rs. 2,08,855 crore.

The prime minister also took a spin of the fintech pavilion in Mumbai.