Jaitley went on to say that before 2014, financial inclusion was not a "centre stage agenda" of the government.
In September 2014, three months after the scheme was launched, 76.81% accounts had zero balance.
Jaitley said biometric identification number Aadhaar was an evolving idea under the previous UPA regime and it did not have legislative backing. Shri Jaitley said besides it, more than 22 crore RuPay cards have also been issued to the account holders alongwith an overdraft facility of Rs. 5000/-.
Jaitley said India was substantially an "unpensioned" society as people could not afford the premiums. As on 7th August, 2017, total enrollment was 3.46 crore under the PMJJBY and 10.96 crore under PMSBY.
As regards Aadhar, the Finance Minister Shri Arun Jaitley said that it has been an important leap forward for the country as now we are beginning to understand its full potential. After the note ban, he said, volume of cash in the economy has reduced, tax base increased and more formalisation of the economy has happened.
The Aadhaar legislation, passed during the BJP rule, will stand test of constitutionality of using the unique identification number for giving government benefits, he said.
Pointing out that untargetted subsidy results in wastage of resources, he said, "Once you are able to create identity network then you make sure the social benefits must reach those segments of population for whom it is specifically targeted as resources of states are limited". ".Even while upholding the right to privacy under Article 21 of the Indian Constitution, the Supreme Court said that reasonable restrictions could be imposed on this right", Jaitley said while addressing a conclave in New Delhi on financial inclusion, reported The Economic Times.
He further thanked Prime Minister Modi's financial inclusion programme -PMJDY for enabling 99.99 per cent of households to have at least one bank account.
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