The Pradhan Mantri Jan Dhan Yojana (PMJDY), which has brought more than 53.14 crore beneficiaries into the formal banking system since its launch, has completed ten years. Initiated on August 28, 2014, PMJDY stands as the world’s largest financial inclusion initiative, playing a transformative role in integrating marginalized communities into the economic mainstream and significantly contributing to their development.
Union Finance Minister Nirmala Sitharaman, reflecting on the scheme’s impact, noted, “By providing universal, affordable, and formal financial services — including bank accounts, small savings schemes, insurance, and credit — to the previously unbanked, PM Jan Dhan Yojana has transformed the banking and financial landscape of the country over the last decade.”
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. Notably, there are no account opening fees or maintenance charges and no requirement to maintain a minimum balance, the FM added.
About 67% of the accounts have been opened in rural or semi-urban areas, and 55% of accounts have been opened by women. The consent-based pipeline created through the linking of Jan Dhan-Mobile-Adhaar 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, the FM noted.
