Bhubaneswar: Union Finance Minister Nirmala Sitharaman on Sunday highlighted India’s progress in financial inclusion, access to credit, and social security, crediting the Narendra Modi government’s initiatives for expanding banking services to millions.
Sitharaman was speaking at an event in Bhubaneswar following the inauguration of the Reserve Bank of India’s (RBI) data centre and Cybersecurity Training Institution by Prime Minister Narendra Modi.
Emphasising the importance of eastern India’s development, the Finance Minister said the government would work towards achieving “Purvodaya se Sarvodaya”, where the rise of the eastern region benefits the entire country.
She noted that the new RBI campus was located close to the world-famous Sun Temple at Konark. Referring to the Aditya Hridayam Stotram from the Ramayana, Sitharaman recalled how Maharshi Agastya told Lord Rama on the battlefield of Lanka that the Sun God protects the worlds through his rays and nourishes all living beings.
In a similar spirit, she said the RBI and its new campus would serve the nation by protecting India’s financial systems and sustaining the flow of payments that supports the economy.
Highlighting the government’s financial inclusion drive, Sitharaman said Prime Minister Modi had resolved in 2014 that no Indian household should remain outside the banking system.
India now has more than 59 crore Pradhan Mantri Jan Dhan accounts, which carry no annual charges or minimum balance requirements. These accounts have also enabled direct transfers of money to beneficiaries, helping prevent leakages, she said.
The Finance Minister also pointed to the expansion of formal credit for micro and small entrepreneurs through the Pradhan Mantri MUDRA Yojana. More than Rs 43 lakh crore has been sanctioned through over 60 crore collateral-free loan accounts under the scheme.
She noted that many borrowers had repaid their loans and subsequently accessed larger loans to expand their businesses. Women account for more than 65% of the scheme’s beneficiaries.
Sitharaman also highlighted the PM SVANidhi scheme, under which nearly 1.2 crore loans have been disbursed to street vendors. Many beneficiaries have repaid their loans and secured larger loans to support the growth of their businesses.
She further pointed to the role of the Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana and Atal Pension Yojana in extending affordable insurance and pension benefits to people.
The initiatives, she said, reflect the government’s efforts to broaden access to banking, credit and financial protection across the country.
