Mumbai, Nov 19 India’s strong push toward financial inclusion and digital transformation has become one of the country’s biggest achievements in recent years, M. Nagaraju, Secretary of the Department of Financial Services (DFS), has said.
Highlighting the progress, Nagaraju said these reforms have reshaped India’s financial system and strengthened people’s trust in public institutions.
"Financial inclusion and digital transformation continue to be two of India’s most remarkable success stories," he said while speaking at CII Financing Summit 2025 here.
"Over the past decade, these reforms have reshaped the nation’s financial landscape and strengthened public trust in our institutions," Nagaraju added.
He noted that India’s Financial Inclusion Index has seen steady improvement. The index reached 67.0 in March 2025, rising from 64.2 the previous year, showing that more people are now part of the formal financial network.
Nagaraju also pointed to the remarkable success of the Pradhan Mantri Jan Dhan Yojana (PMJDY). In the last one and a half years alone, the number of Jan Dhan accounts has increased from 52 crore to nearly 57 crore.
This expansion ensures that millions of citizens have access to basic banking services.
Nagaraju also pointed to the remarkable success of the Pradhan Mantri Jan Dhan Yojana (PMJDY). In the last one and a half years alone, the number of Jan Dhan accounts has increased from 52 crore to nearly 57 crore.
This expansion ensures that millions of citizens have access to basic banking services.
"Under PM Jan Dhan Yojana, we have seen extraordinary progress as well - the total number of accounts has grown from 52 crore to nearly 57 crore in the last one and a half years," he stated.
He added that this progress has been made possible not just by public sector banks but also with strong support from major private lenders such as HDFC Bank, Yes Bank, and ICICI Bank. Their participation has helped widen the reach of financial services across the country.
According to Nagaraju, the combined impact of financial inclusion and digital transformation is helping India build a more transparent, accessible, and trustworthy financial ecosystem.
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