Captivating Tale: PM Modi’s First Bank Account Saw Closure, But Why So? | Personal Finance News

Reflecting on this, ‘Modi Archives’ shared the story on X, highlighting how a “young Modi,” coming from a humble background, opened a bank account as a student, only to realise years later the significance of financial inclusion.

“More than five decades ago, a young school student opened a bank account after being taught the value of savings. At that time, he was unaware that it would go on to teach him a very important lesson—a lesson on ‘financial exclusion,'” the post from Modi Archives stated, along with a video of PM Modi recounting his experience.

“This young boy was none other than our Prime Minister Narendra Modi,” it added.

PM Modi, who grew up in modest circumstances, shared in the video how his family’s financial situation prevented him from saving even a single rupee, leaving his bank account empty for years.

Bank officials viewed the unused account as a burden, attempting to close it down. Ultimately, Modi closed the account himself after realising the hassle it caused the bank.

In the video, the Prime Minister reflects on how the focus in the past was on closing such accounts. However, today, the emphasis is on opening accounts for everyone, a shift driven by his own experiences of poverty and ‘financial exclusion’.

“At that time, the focus was on closing the bank account. But today, our efforts are centred on opening accounts for everyone. I truly believe that these efforts will bring light into the lives of those who have been living in poverty, giving them a new sense of hope and dignity,” he was seen saying in the video.

The post emphasised how this shift towards financial inclusion could only be led by someone who had personally experienced poverty and financial exclusion.

PMJDY, a National Mission on Financial Inclusion, aims to ensure comprehensive financial inclusion for all households in India and provides universal access to banking facilities, including at least one basic banking account per household, financial literacy, and access to credit, insurance, and pension facilities.

One of the key features of the scheme is the ability to open a bank account with zero balance, a facility that was not previously available.

As per the official website of Jan Dhan Yojana, till now, 53.13 crore beneficiaries have been brought into the banking system so far, with a cumulative balance of Rs 231,235.97 crore in their accounts.