JAM Revolution Will Create History, Just Like GST: Arun Jaitley

Rejoicing the third anniversary of PMJDY (Pradhan Mantri Jan Dhan Yojana), the veteran politician holds a view that no Indians will be seen outside the mainstream after the PMJDY and JAM revolution links all citizens to a common financial, economic, and digital space."

New Delhi, August 27: Finance Minister Arun Jaitley on Sunday said JAM (Jan Dhan, Aadhaar and Mobile) will create a unified market in which Indians will find a common space in Finance, Economic and Digital. “All the citizens will become a part of the financial and digital mainstream after 1 billion cell phones and 1 billion bank accounts are linked to 1 billion Aadhaar card,” articulated Jaitley.

Rejoicing the third anniversary of PMJDY (Pradhan Mantri Jan Dhan Yojana), the veteran politician holds a view that no Indians will be seen outside the mainstream after the PMJDY and JAM revolution links all citizens to a common financial, economic, and digital space.”

“JAM and PMJDY will create history just like GST (Goods and Service Tax) which brought the entire nation under a single blanket of tax,” wrote 64-year-old Jaitley in a Facebook post.

Talking about JAM, Jaitley who also holds the charge of Defence Ministry, informed about the number of benefits stapled with it, especially for the poor. Shedding lights on benefits, he stated,” Poor will have easy access to financial services and will be backed by life threatening moments and the finances of the government will eventually improve because of the subsidy that would be reduced.

The central government, according to NDTV, transfers a fat amount of Rs. 74,000 crore to the financial accounts of 35 crore beneficiaries yearly. Under various schemes like PAHAL, MNREGA, old age pensions etc, the transfers are done.

Giving out a figure of Aadhaar cards, the BJP veteran informed that about 52.4 crore Aadhaar cards are linked to 73.62 crore bank accounts. ” With Aadhaar, the poor are easily able to make payments through electronic mode and the figure of payment stands at 7 crores Jaitley further stated.

BHIM app and Unified Payments Interface (UPI) are the two main pillars for making JAM fully operational, informed Jaitley.