A decade of financial inclusion: PM Modi hails Jan Dhan Yojana
Chandigarh/New Delhi, August 28
The Pradhan Mantri Jan Dhan Yojana (PMJDY), launched by Prime Minister Narendra Modi on August 28, 2014, completes a decade of implementation today.
Under the scheme, more than 53.14 crore beneficiaries have already been brought under the banking ambit. The government intends to open more than three crore PMJDY accounts during the current financial year.
PMJDY being the largest financial inclusion initiative in the world, the scheme aimed to ensure comprehensive financial inclusion of all households in the country by providing universal access to banking facilities with at least one basic bank account for every household, financial literacy, and social security cover.
Prime Minister Narendra Modi also congratulated all beneficiaries and thanked those who made this the scheme a success. He posted on X: “Today, we mark a momentous occasion —#10YearsOfJanDhan. Congratulations to all the beneficiaries and compliments to all those who worked to make this scheme a success. Jan Dhan Yojana has been paramount in boosting financial inclusion and giving dignity to crores of people, especially women, youth, and the marginalised communities.”
On the occasion, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman said, “The success of the initiative is reflected in 53 crore people having been brought into the formal banking system through the opening of Jan Dhan Accounts. These bank accounts have garnered a deposit balance of Rs 2.3 lakh crore and resulted in the issuance of over 36 crore free-of-cost RuPay cards, which also provide for a Rs 2 lakh accident insurance cover. There are no account opening fees or maintenance charges and no requirement to maintain a minimum balance.”
“It is heartening to note that 67 per cent of the accounts have been opened in rural or semi-urban areas and 55 per cent have been opened by women,” the Union Finance Minister said.
“The consent-based pipeline created through the linking of Jan Dhan-mobile-Aadhaar has been one of the most important pillars of the financial inclusion ecosystem. It has enabled swift, seamless and transparent transfer of government welfare schemes to eligible beneficiaries and promoted digital payments,” she said.
Union Minister of State for Finance Pankaj Chaudhary said, “With the support of all stakeholders, banks, insurance companies and state governments, we are moving towards a more financially inclusive society and PMJDY would always be remembered as a game changer for financial inclusion in the country.”
The PMJDY accounts have not only been instrumental in receiving Direct Benefit Transfers but also serve as a platform for hassle-free subsidies/payments made by government to the intended beneficiary without any middlemen, seamless transactions and savings accumulation. Moreover, they have been crucial in providing life and accident insurance to millions of unorganised sector workers through Jan Suraksha schemes (micro insurance schemes).
PMJDY accounts
As on August 14, 2024, number of total PMJDY Accounts is 53.13 crore. Out of the total accounts, 55.6% (29.56 crore) Jan-Dhan account holders are women and 66.6% (35.37 crore) accounts are in rural and semi-urban areas.
Total deposit balances under PMJDY Accounts stand at Rs 2,31,236 crore. Deposits have increased about 15 times with an increase in accounts by 3.6 times.
The average deposit per account is Rs 4,352 as on August 14.
