“It is estimated that about 40 percent of Indians do not have access to formal financial services. Extending affordable banking and payment solutions to this unbanked population is an avowed goal of the Indian government.
In August, 2014, Indian Prime Minister Narendra Modi launched an ambitious financial inclusion program, Pradhan Mantri Jan Dhan Yojana, or PMJDY. The core objective of the program is to ensure that every citizen has a bank account and a debit card. It has been a huge success, having already covered 99.74 percent of households.
In fact, PMJDY has entered the Guinness Records for opening the highest number of bank accounts in the shortest time anywhere in the world. Within about five months of its launch, the scheme added 10 million new bank accounts. As of July 2015, there were over 17 million new accounts, out of which about 10 million were in rural India.”
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