Reserve Bank of India Governor Sanjay Malhotra has expressed confidence that India will soon become the world’s third-largest economy. He attributed this growth to the Pradhan Mantri Jan Dhan Yojana, a financial inclusion scheme launched 11 years ago by the Union government and the RBI in collaboration with banks. The scheme has paved the way for development across the country, with over 55 crore accounts opened to ensure participation of people from all sections in the country’s growth journey.
Malhotra emphasized the importance of account holders updating their details under the Know Your Customer (KYC) process to prevent misuse of accounts. He also urged people to improve their digital literacy and financial awareness to protect themselves from frauds, while encouraging the wider use of UPI and digital banking. The governor noted that banking services are now available within a radius of 5 kilometers of almost all villages in the country, and expressed satisfaction over women’s significant participation in the financial inclusion drive.
The Centre and the RBI, along with banks, have launched a nationwide financial inclusion campaign, which will run from July 1 to September 30. The campaign aims to open new Jan Dhan accounts, enroll people under social security schemes, and complete KYC processes. Malhotra urged banks to accelerate the drive with support from government employees and public representatives, stressing that a long journey still lies ahead in achieving the goals of this mission.
Malhotra’s statement comes as a testament to India’s growing economy, with the country already counted among the five most developed countries in the world. The Pradhan Mantri Jan Dhan Yojana has played a crucial role in strengthening growth and financial inclusion, providing people with access to savings, pensions, insurance, credit, and other services. With the continued efforts of the government, RBI, and banks, India is poised to achieve its goal of becoming the third-largest economy soon.
The event, held at Santripti Shivir in Rangwasa village, was also attended by State Bank of India Chairman C S Setty. The financial inclusion campaign is a significant step towards achieving the goals of the mission, and Malhotra’s urging of banks to accelerate the drive is expected to further boost the country’s economic growth. Overall, India’s financial inclusion drive is making significant progress, and the country is on track to achieve its goal of becoming a major economic power.