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What JAM really means, in practical terms, is conveniently vague. The original formulation, in 2015,mentioned two possible incarnations of the trinity: mobile banking and post offi ce payments. The second option never made muc headway, perhaps because it did not have enough scope for private profit.So Aadhaar enabled mobile  banking became the supreme goal. In 2017, NITI Aayog CEO Amitabh Kant predicted the imminent demise of all cash transfer paraphernalia other than mobiles: “...in the next two and a  half years, India will make all its debit  cards,credit cards, all ATM machines all POS machines totally irrelevant…because every Indian will be doing his transaction just by using his thumb in thirty seconds ..” This utopia was happily embraced by a familiar bandwagon of Aadhaar champions, fintech companies and embedded economists.The intoxication reached new  heights as the JAM project latched on to another flourishing narrative— universal basic income (UBI). If you want to make cash transfers to everyone, what better platform can you have than Aadhaar, India’s unique biometric ID, doubling up as a financial address? An illusion emerged that India had developed an ideal infrastructure for UBI,ready to be deployed at any time.It took the novel coronavirus crisis for the bubble to burst. In the early days of the crisis, JAM was often invoked as a possible

tool of emergency relief. But when  the time actually came to make cash transfers to the poor, JAM turned out to be of little use. For all the excitement it had generated, JAM had not gone beyond some fancy digital payment systems for the privileged. Poor people ,far from using the “thumb in thirty seconds” method to cash in,were still running from pillar to post to collect their meagre benefits from old fashioned bank accounts(some also use the services  of “business correspondents”, but those have little to do with JAM).Sure enough,long bank queues  have started emerging, especially  in rural areas where the density of banks is relatively low. The crowds are all set to swell further as and when the lockdown is lifted.