India to be third largest economy soon, says RBI Governor; lauds women, Jan Dhan scheme for growth push

Reserve Bank of India Governor Sanjay Malhotra on Saturday said India is poised to become the world’s third largest economy soon, crediting the Pradhan Mantri Jan Dhan Yojana for strengthening growth and financial inclusion.Speaking at Santripti Shivir, a financial inclusion campaign by government banks in Rangwasa village, Malhotra said the Union government and the RBI had launched the Jan Dhan Yojana 11 years ago in collaboration with banks, paving the way for development across the country, PTI reported.“Today, India is counted among the five most developed countries in the world and very soon the country will become the third largest economy,” Malhotra said.He pointed out that over 55 crore accounts have been opened under the scheme to ensure participation of people from all sections in the country’s growth journey, providing them with savings, pensions, insurance, credit and other services.Malhotra stressed the importance of account holders updating their details under the Know Your Customer (KYC) process to prevent misuse of accounts or their turning into ‘mule accounts’ used by criminals to launder illicit funds.The governor also urged people to improve their digital literacy and financial awareness to protect themselves from frauds while encouraging wider use of UPI and digital banking.Expressing satisfaction over women’s significant participation in the financial inclusion drive, Malhotra said they are playing a key role in India’s development.He noted that banking services are now available through branches or business correspondents within a radius of 5 kilometres of almost all villages in the country.The Centre and the RBI, along with banks, had launched a nationwide financial inclusion campaign on July 1, which will run till September 30. The campaign includes opening new Jan Dhan accounts, enrolling people under social security schemes, and completing KYC processes.Malhotra urged banks to accelerate the drive with support from government employees and public representatives, stressing that “a long journey still lies ahead in achieving the goals of this mission.”State Bank of India Chairman C S Setty was also present at the event.