Page 42 - Mann Ki Baat April 2022

The rise of cashless economy

driven by India’s robust UPI

and digital revolution

days, they did not feel the need to
withdraw cash even in most remote
areas. Both these examples show that
there has been substantial growth in
digital transactions in the past few
years, which is really encouraging for
the country’s economy.
Soon after Prime Minister Narendra
Modi was sworn in as the Prime
Minister, he made his intent to
introduce and bolster digital payments
Nandan Nilekani amply clear. In his Independence
Day speech on the 15th of August
Co-founder, Infosys,
2014, he announced the Pradhan
Advisor, NPCI Mantri Jan-Dhan Yojana (PMJDY),
India's national mission for financial
inclusion to ensure access to financial
It is very heartening to know that there
services, namely banking savings
is a sea change in mindset of people
and deposit accounts, remittance,
in adoption of cashless means of
credit, insurance and pension in an
payment through digital economy. In
affordable manner. This gave rise to
his 'Mann Ki Baat', Prime Minister talked
the JAM trinity – a coming together
about the ‘cashless day out’ resolve of
of Jan Dhan bank accounts, Aadhaar
two young girls of Delhi, who decided to
and mobile number – to establish the
roam around the city for an entire day
world’s most sophisticated benefits
without doing any cash transaction.
transfer infrastructure. From subsidies
The spread of cashless transactions
to scholarships and financial aid, the
isn’t just limited to the big cities. In
JAM trinity has been a scaffolding for
the same 'Mann Ki Baat' episode, the
the most vulnerable among us.
Prime Minister narrated the experience
of a lady who In 2016, PM Modi saw an opportunity
went to several to steer the country towards digital
North Eastern payments. He took keen interest in
states with her the Unified Payments Interface (UPI),
husband. In which was being developed by the
their journey National Payments Corporation of
spanning several India (NPCI). UPI is a system that
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