Delivering the 69th Basis Day Lecture on India’s Monetary Inclusion Journey on the Administrative Workers School of India (ASCI) right here, Nagaraju mentioned a complete of Rs 3.67 lakh crore has been transferred via Direct Profit Switch (DBT) within the present monetary 12 months.
He mentioned India’s monetary inclusion journey has been “nothing wanting a miracle”, noting that the launch of the Pradhan Mantri Jan Dhan Yojana (PMJDY) in 2014 marked a watershed second by bringing greater than 57 crore folks into the formal banking system.
“Jan Dhan accounts maintain balances of about Rs 2.75 lakh crore as of right now, which interprets to roughly Rs 4,815 per account. About 78.2 per cent of Jan Dhan accounts are in rural or semi-urban areas, and 50 per cent are held by girls,” he mentioned.
He added that India’s Monetary Inclusion Index stood at 67 as of March 2025, reflecting regular enchancment in entry, utilization and high quality of monetary providers, supported by initiatives comparable to PMJDY.
Replying to a question, Nagaraju mentioned LIC is within the means of absolutely digitising its product buy and advantages disbursement programs and that these providers can be accessible to customers “in a few months”.
