In a post on social media platform X, Modi shared, “Today, we celebrate a significant milestone #10 YearsOfJanDhan. Congratulations to all the beneficiaries and appreciation to everyone involved in making this scheme a success.” He underscored how the Jan Dhan Yojana has played a crucial role in promoting financial inclusion and providing dignity to millions of individuals, particularly women, youth, and marginalized communities.

Reflecting on the decade since the Yojana’s inception in a LinkedIn post, Modi emphasized that the initiative aimed to create an India where every citizen, regardless of their economic background, has access to formal banking services. He addressed the historical lack of banking access for a significant portion of households, noting the challenges faced in the past, such as storing savings at home and limited access to credit.

Modi highlighted the skepticism surrounding the Yojana’s launch and the doubts about its effectiveness in bringing a large number of people into the banking system. Despite the monumental task, the determination of the Indian people ensured the scheme’s success. The Prime Minister pointed out the dual success of the Jan Dhan Yojana, citing the impressive numbers of over 53 crore individuals who now have bank accounts, with a total deposit balance exceeding 2.3-lakh crores.

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Drawing from the insights gained during the pilot phase, a nationwide rollout of the ULI is scheduled to take place in the near future. Drawing parallels to the transformative impact of UPI on the payments landscape, it is anticipated that ULI will similarly revolutionize lending practices in India. The integration of JAM UPI-ULI is envisioned as a groundbreaking advancement in India’s digital infrastructure evolution,” mentioned Das during his address at the ‘RBI@90 Global conference on digital public infrastructure and emerging technologies’.

The ULI platform streamlines the secure and consent-driven exchange of digital data, incorporating land records from various states sourced from multiple data service providers to lenders. This streamlined process will significantly reduce the time required for credit evaluation, particularly benefiting small-scale and rural borrowers.

Das highlighted that the ULI framework features a standardized application programming interface, designed for a ‘plug and play’ approach to ensure seamless digital data access from diverse origins. This simplification of technical integrations facilitates quicker processing times without extensive documentation requirements.

“By digitizing the access to customers’ financial and non-financial information, ULI is poised to address the substantial unmet demand for credit across various sectors, especially among agricultural and MSME borrowers,” he emphasized.

Regarding the Unified Payments Interface (UPI), a real-time payment system introduced in India in 2016 by the National Payments Corporation of India, Das underscored its pivotal role in driving the growth of digital payments within the retail sector. He also pointed out the potential for UPI to evolve into a more cost-effective and efficient option for cross-border remittances, suggesting an initial focus on small-value personal transactions for swift implementation.

Das highlighted India’s strategic development of its digital public infrastructure (DPI) by emphasizing the critical elements of digital identity, bank accounts, and processing infrastructure. The JAM trinity – comprising Jan Dhan accounts, Aadhar, and mobiles – serves as the foundation for the DPI, offering a framework for various value-added services. Notably, a majority of beneficiaries under the JAM trinity initiatives hail from rural areas, with a significant representation of women, showcasing the DPI’s role in fostering inclusive growth.”

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