Jan Dhan-Aadhar-Mobile digitizing India
Digital India is one of the main topics happen in the nation today. Digital India is one the the initiative of the government of India for the development. The main vision of Digital India is aims to transform our country into a digital economy with participation from citizens and businesses.
Talking about the initiative of the government under the Digital India program, JAM (Jan Dhan-Aadhar-Mobile) is another step in digitizing India through a synchronized banking system covering the whole nation. It is assumed that bank accounts opened under Jan-Dhan-Yojana now said to have a total balance of almost Rs 26,000 crore.
It is said that 190 million accounts have been opened under the financial inclusion scheme, with around 38 per cent of these being zero-balance accounts. It aims at achieving the maximum maximum value, maximum empowerment to people and maximum technological penetration among the masses.
With the increase in convergence of wireless and mobility, it has transformed smartphone into a fully operational personal bank.
India, being a nation which continues to be driven by cash, is also moving towards a cashless economy with financial inclusion policy and ‘Digital India’ campaign by the government, with the aim of controlling the flow of black money.
It means the flow of cash within an economy is non-existent and all transactions have to be through electronic channels such as direct debit, credit and debit cards, electronic clearing and payment systems such as IMPS and NEFT.
The technology being used in a cashless age has the potential to offer security benefits to its users and make it convenient for users who like to combine multiple functions onto one handheld device. Making transactions cashless results in curbing black money and in turn makes all transactions accountable.