In a similar way as the GST has created a unified economic market, the JAM (Jan Dhan, Aadhaar and Mobile) trinity will eventually bring all Indians into a common financial, economic and digital space. In a Facebook post on Sunday, Union Finance Minister Arun Jaitley said the JAM was a social revolution, where poor will have access to financial services. Once that is done, all of India can become part of the financial and digital mainstream,” he said. Currently, the government makes a direct transfer of Rs 74,000 crore to the financial accounts of 35 crore beneficiaries annually, at more than Rs 6,000 crore per month. “A secure and seamless digital payments infrastructure has been created so that all Indians, especially the poor can become part of the digital mainstream,” he said.

Source: dna August 28, 2017 01:52 UTC