JAM trinity proved to be game-changer, helped reach out to people during pandemic: FM Nirmala Sitharaman

The Jan Dhan-Aadhaar-Mobile (JAM) trinity has proved to be a game-changer and helped in reaching out to the citizens living in the farthest corners of the country, during the coronavirus pandemic, Finance Minister Nirmala Sitharaman said on Thursday. She was addressing the Rashtriya Bank Parishad-organised 'Manthan', a one-day meeting in Aurangabad, which she inaugurated virtually.

"The JAM trinity concept of the Narendra Modi government helped to reach the farthest person in the country. There were questions in the mind of people when the Jan Dhan scheme was launched.

"The inclusion of people in Jan Dhan stood by us in the COVID-19 pandemic, and we could help the people directly so that they can live their lives," she said.

Sitharaman also said the Aadhaar linkage also helped in getting KYC-verified accounts.

"It also helped us to get a credible robust structure through which banking, financing facilities could reach people. The last of the trinity, that is mobile, where every information about the deposit, benefits of government schemes (MNREGA) or the subsidies in the account, was sent...even in regional languages," Sitharaman added.

Still, there are parts in the country that need an extra and special push, she said.

The minister said the Rashtriya Bank Parishad would prove to be beneficial for this region of Maharashtra.

Union Minister of State for Finance Bhagwat Karad, who chaired the conclave, said the focus henceforth would be on opening Jan Dhan accounts of those who have reached the age of 18.

The focus will also be on opening accounts in 111 aspirational districts across the country. The agenda of discussion in Aurangabad included difficulties in availing Mudra loans and the agriculture sector, he said.

Punjab National Bank CEO and MD S S Mallikarjun Rao said, "The government has taken timely and impactful measures to bring the economy on track. It helped those who lost their jobs, entrepreneurs, industry and agriculture segment of the country."

Rao added that the contribution of Maharashtra in the country's economy is "lion's share" in terms of industrialisation and developing entrepreneur skills in the state, and it has a healthy deposit ratio.