Today marks a decade since the Pradhan Mantri Jan Dhan Yojana was launched. For me, this initiative was more than just a policy - it was an endeavour to build an India where each and every citizen, irrespective of one’s economic background, has access to the formal banking apparatus.

Many of you, especially the youth, would be thinking- why does this matter so much? After all, in this age, having a bank account would be very basic and even taken for granted. However, when we assumed office in 2014, the situation was very different. It was almost 65 years since Independence, but access to banking was a distant dream for almost half of our households. Theirs was a world where savings were kept at home, vulnerable to loss and theft. Access to credit was often at the mercy of predatory lenders. The absence of financial security held back so many dreams.

This problem becomes even more ironical considering the fact that four and a half decades ago, banks were nationalised by the then (Congress) Government and that too in the name of the poor! Yet, the poor never got access to banking.

When the Jan Dhan Yojana was rolled out, I remember the scepticism that surrounded it too. Some people asked- could it really be possible to bring such a large number of people into the banking system? Will this effort lead to any concrete changes? Yes. The scale of the challenge was enormous, but so was the determination of the people of India to ensure it becomes a reality.

The success of the Jan Dhan Yojana has two parts to it. One is in the numbers:

Today, over 53 crore people who never imagined they would enter a bank have bank accounts.

These accounts have a deposit balance of over Rs. 2.3 lakh crore.

Over 65% of the accounts are either in rural or semi-urban areas, thus taking the movement of financial inclusion outside the metros.

Direct transfers worth almost Rs. 39 lakh crore have taken place.

But, the second part goes beyond the impressive numbers.

Jan Dhan Yojana has proven to be game-changing as far as women's empowerment is concerned. Almost 30 crore women have been brought into the banking system.

Likewise, the benefits of the scheme and the other benefits that come thanks to a bank account have positively impacted crores of SC, ST and OBC families. They have also benefitted those families who belong to the middle and Neo-middle classes. Had it not been for the Jan Dhan Yojana, the MUDRA Yojana, or the social security schemes of the Government, namely the Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana and the Atal Pension Yojana would never have been as impactful.

Jan Dhan also became a vital pillar of the JAM Trinity- Jan Dhan, Aadhaar and Mobile. The landmark contribution of this trinity was to eliminate the scourge of middlemen and touts who, for decades, thrived in public loot. It is this trinity that ensured a stunning digital payments revolution in India, especially in the middle and later years of the last decade. The very same elements who doubted the relevance of a scheme like Jan Dhan were yet again mocking the need for digital payments in a nation like ours. But, once again, they underestimated the collective resolve of our people. India’s digital payments success story is noted world over. Over 40% of real time digital payments in the world happen in India!

A bank account has ensured hassle-free and direct transfer in almost all the government's flagship schemes, be it Ayushman Bharat, PM-Kisan for farmers, PM SVANidhi for street vendors and more. I am also reminded of the years of 2020 and 2021, when the once in a lifetime COVID-19 pandemic was at its peak. Had it not been for banking inclusion, the subsidies would not have been able to reach the intended beneficiaries.

The life journeys of those who benefitted due to this scheme are very touching and inspiring. PM Jan Dhan Yojana personifies dignity, empowerment and the opportunity to participate in the economic life of the nation. The foundations laid by this scheme are strong, but we have even more work to do! We will continue to build on this success to build a Viksit Bharat.

Today is also the occasion to congratulate each and every beneficiary of this scheme and laud the efforts of the countless banking staff who made financial inclusion their mission and ensured a better life for their fellow Indians!

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ಶ್ರೀ ರತನ್ ಟಾಟಾ ಅವರಿಗೆ ಶ್ರದ್ಧಾಂಜಲಿ
November 09, 2024

It has been a month since Shri Ratan Tata Ji left us. From bustling cities and towns to villages, his absence is deeply felt across every segment of society. Seasoned industrialists, budding entrepreneurs and hardworking professionals mourn his loss. Those passionate about the environment and devoted to philanthropy are equally saddened. His absence has been deeply felt not only across the nation but also around the world.

For the youth, Shri Ratan Tata was an inspiration, a reminder that dreams are worth pursuing and that success can coexist with compassion as well as humility. For others, he represented the finest traditions of Indian enterprise and a steadfast commitment to the values of integrity, excellence and service. Under his leadership, the Tata Group ascended to new heights, embodying respect, honesty and credibility worldwide. Despite this, he wore his achievements lightly, with humility and kindness.

Shri Ratan Tata’s unwavering support for the dreams of others was one of his most defining qualities. In recent years, he became known for mentoring India’s StartUp ecosystem, investing in many promising ventures. He understood the hopes and aspirations of young entrepreneurs and recognised the potential they had to shape India’s future. By backing their efforts, he empowered a generation of dreamers to take bold risks and push boundaries. This has gone a long way in creating a culture of innovation and entrepreneurship, which I am confident will continue to positively impact India for decades to come.

He constantly championed excellence, urging Indian enterprises to set global benchmarks. This vision, I hope, will inspire our future leaders to make India synonymous with world-class quality.

His greatness was not restricted to the boardroom or helping fellow humans. His compassion extended to all living beings. His deep love for animals was well-known and he supported every possible effort focused on animal welfare. He often shared photos of his dogs, who were as much a part of his life as any business venture. His life was a reminder to us all that true leadership is measured not just by one’s achievements, but by one’s ability to care for the most vulnerable.

For crores of Indians, Shri Ratan Tata’s patriotism shone brightest in times of crisis. His swift reopening of the iconic Taj Hotel in Mumbai after the 26/11 terror attacks was a rallying call to the nation—India stands united, refusing to yield to terrorism.

On a personal note, I had the privilege of knowing him very closely over the years. We worked closely in Gujarat, where he invested extensively, including in many of the projects he was very passionate about. Just a few weeks ago, I was in Vadodara with the President of the Government of Spain, Mr. Pedro Sánchez and we jointly inaugurated an aircraft complex where C-295 aircrafts would be made in India. It was Shri Ratan Tata who started working on this. Needless to say, Shri Ratan Tata’s presence was greatly missed.

I remember Shri Ratan Tata Ji as a man of letters—he would frequently write to me on various issues, be it matters of governance, expressing appreciation for government support, or sending congratulatory wishes after electoral victories.

Our close interactions continued when I moved to the Centre and he remained a committed partner in our nation-building efforts. Shri Ratan Tata’s support for the Swachh Bharat Mission was particularly close to my heart. He was a vocal advocate of this mass movement, understanding that cleanliness, hygiene and sanitation are vital for India’s progress. I still remember his heartfelt video message for the Swachh Bharat Mission’s tenth anniversary at the start of October. It was among his final public appearances.

Another cause close to his heart was healthcare and especially the fight against cancer. I recall the programme in Assam two years ago, where we had jointly inaugurated various cancer hospitals in the state. In his remarks that time, he had categorically stated that he wishes to dedicate his final years to healthcare. His efforts to make health and cancer care accessible and affordable were rooted in a profound empathy for those battling diseases, believing that a just society was one that stood by its most vulnerable.

As we remember him today, we are reminded of the society he envisioned—where business can serve as a force for good, where every individual’s potential is valued and where progress is measured in the well-being and happiness of all. He remains alive in the lives he touched and the dreams he nurtured. Generations will be grateful to him for making India a better, kinder and more hopeful place.