India has become fully banked, a feat commended by the Guinness Book of World Records for being accomplished in the short span – about 5 months.
PM Narendra Modi announced the financial inclusion of PMJDY in his first Independence Day speech in year 2014. It was launched with a target to open bank accounts for 7.5 crore poor persons by January 26, 2015. The target was later increased to 10 crore accounts.
It paves the way for the government’s ambitious plan to transfer annual subsidy of around Rs 51,029 crore directly to bank accounts of 15.45 crore beneficiaries in the next year, plugging system leakages.
Rupay cards have been issued to more than 10 crore beneficiaries and there is an effort by the Government to promote the use of plastic currency to make a cash-less society in the long run.
Under the direct benefit transfer in LPG subsidy, Rs 1,757 crore has been transferred to the beneficiary accounts since November15, 2014.
“Most bank accounts opened in one week as part of the Financial Inclusion Campaign is 18,096,130 and was achieved by the Department of Financial Services, Government of India from August 23 to 29, 2014.” quoted by Guinness Book