India's ambitious drive to bring every citizen into the formal financial net is now a cornerstone of its socio-economic transformation, a senior finance ministry official stated. Nagaraju Maddirala, Secretary of the Department of Financial Services, highlighted the nation's significant strides while outlining the roadmap for sustainable financial resilience.
From Bank Accounts to Economic Participation
Speaking at the 69th Foundation Day of the Administrative Staff College of India (ASCI) in Hyderabad, Maddirala emphasized that the mission extends far beyond merely opening bank accounts. "Given its size and diversity, inclusion cannot stop at opening bank accounts. It must ensure that households can save securely, borrow responsibly, absorb financial shocks, and invest in health, education, and livelihoods," he explained. He pointed out that financial inclusion is globally recognized as a key growth driver, with seven United Nations Sustainable Development Goals identifying it as a critical enabler for uplifting poor and marginalized communities.
The data underscores this progress. According to the Reserve Bank of India's Financial Inclusion Index, India's score climbed to 67.0 in March 2025, marking an annual increase of 4.3% and a substantial 24% jump since 2021. The flagship Pradhan Mantri Jan Dhan Yojana (PMJDY) remains the pivotal program, having brought 57 crore individuals into the banking system, with cumulative balances reaching a staggering Rs 2.75 lakh crore. Notably, 68% of these accounts are in rural and semi-urban areas, and 55% are held by women, signaling deep and equitable penetration.
The Digital Infrastructure Revolution
Maddirala credited the rebuilding of financial access foundations over the past decade to three key pillars: digital public infrastructure, targeted welfare delivery, and robust microcredit ecosystems. The JAM Trinity—Jan Dhan, Aadhaar, and Mobile—has been instrumental in this transformation. This synergy has enabled Direct Benefit Transfers (DBT) worth Rs 3.68 lakh crore in the current financial year alone, while plugging leakages and saving the exchequer Rs 4.31 lakh crore.
The digital payments landscape is experiencing explosive growth. In November 2025, India processed 2,057 crore real-time transactions valued at Rs 26.32 lakh crore, accounting for nearly half of all such payments worldwide. This surge reflects a fundamental shift in how Indians participate in the economy.
The Next Frontier: Resilience, Literacy, and Security
The secretary outlined that the next phase of inclusion requires a strategic expansion of focus. "Sustainable financial resilience will require more than access. It will require governance, awareness, and safeguards," he asserted. The priorities now include promoting responsible credit, enhancing digital literacy, strengthening consumer protection frameworks, and fostering better coordination among financial institutions.
Major digital reforms are already underway to support this vision. The Life Insurance Corporation (LIC) is poised to digitize its entire customer journey—from policy purchase to claim settlement—with a nationwide rollout expected in December or January. LIC's Unit-II is undergoing a five-stage digital overhaul via a new Financial Budget Interface (FBI) platform, designed to offer a seamless, banking-like digital experience. Internal testing is complete, with a public launch imminent.
On cybersecurity, the government has established the Digital Public Infrastructure Trust (DPIT), a dedicated body tasked with proactively identifying and neutralizing cyber threats before they materialize. Additionally, efforts are being made to increase transparency in pension-related data across both public and private sector banks.
India's journey from financial exclusion to empowerment, powered by technology and policy, is setting a global benchmark. The challenge now is to ensure this inclusion translates into lasting economic security and opportunity for every household.
