The fourth category – I have named “Illiterate Illiterates”. These are the people who have just entered the formal financial system or formal banking system. Under the PMJDY, in the last one year almost fifteen crore new accounts have been opened. In three years before that under RBI’s financial inclusion push, another fifteen crore accounts had been opened.
Initially villages up to a population of 5000, then 2000, then below 2000, were covered in a phased manner. The sum and substance is that in the last four – five years around thirty crore new people have entered into formal financial/banking system for the first time.