Amit Shah highlights banking reforms, digital revolution via UPI: '53 crore new bank accounts opened since 2014'

Union Home Minister Amit Shah on Thursday highlighted the substantial reforms in the country's banking sector. He noted that some 86 key measures have now been implemented, which have strengthened the sector's foundations.

Shah also revealed that over 53 crore bank accounts have been opened since 2014, a move that has helped to promote financial inclusion. This was a direct effort to close the gap that existed before 2014, when 60 crore Indians lacked a bank account.

While speaking at the 'Financial Express: India's Best Banks Award' event in Mumbai, Shah said: "After 2014, under the leadership of Prime Minister Modi, significant banking sector reforms were introduced. At that time, nearly 60 crore Indians did not have even a single bank account in their families. Over the subsequent decade, this gap was addressed through initiatives that resulted in the opening of 53 crore new bank accounts, thereby driving financial inclusion and transforming it into a reality for millions of people across the country."

"Around 86 important reforms have been implemented in the banking sector, strengthening its foundation and making it more resilient and robust," the home minister added.

He further said that through structural reforms, process improvements, digital governance, and the full implementation of welfare schemes, India has successfully sustained its remarkable growth trajectory.

Every second digital transaction
in 2024-25 happened in India

"A digital revolution has surfaced through UPI and FinTech... Every second digital transaction in 2024-25 happened in India... Nearly 7 countries accepted UPI and DigiLocker is also being used by over 52 crore people...," added Shah.

Crediting the Modi government for driving economic development through bold policy reforms, with the Goods and Services Tax (GST) being a prime example, Shah said that merging 16 different sales taxes into a single tax system across 30 state units in a vast country like India was a feat only PM Modi could envision and execute.

"The core principle of our Constitution is inclusion, which is comprehensively addressed through three key dimensions: political inclusion, social inclusion, and financial inclusion," said Shah.

"The Modi government, especially the Prime Minister himself, adopted this formula right from the initial days through policy reforms for economic development...The GST reform and its implementation are prime examples. Merging 16 types of sales taxes into one tax... implementing this system in 30 state units and such a vast country... I can certainly say that no Prime Minister other than Modi ji would have the courage to even dream of it," he said.