Pradhan Mantri Jan Dhan Yojana Marks Ninth Anniversary, Spearheading Financial Inclusion Revolution
TFP Bureau, New Delhi; August 28, 2023: Today, the Pradhan Mantri Jan Dhan Yojana (PMJDY), a pioneering National Mission for Financial Inclusion, celebrates its ninth year of successful execution. Launched by Prime Minister Shri Narendra Modi on August 28, 2014, thist ransformative initiative has brought about a radical change in India’s financial landscape, empowering the marginalized and economically disadvantaged sections of society.
The Union Finance Minister, Smt. Nirmala Sitharaman, praised the accomplishments of the PMJDY-led interventions and digital transformation, emphasizing how they have revolutionized financial inclusion in India. Remarkably, over 50 crore individuals have been integrated into the formal banking system through the opening of Jan Dhan Accounts, with approximately 55.5% of these accounts belonging to women. The cumulative deposits in these accounts have surpassed a monumental ₹2 lakh crore. Additionally, around 34 crore RuPay cards have been issued to these accounts, encompassing a ₹2 lakh accident insurance cover.
Union Minister of State for Finance, Dr. Bhagwat Kisanrao Karad, highlighted the scheme’s impact in reducing financial untouchability and offering access to banking services for the marginalized sections. These efforts have facilitated access to credit, insurance, pension coverage, and financial awareness, contributing to inclusive growth, particularly among the underprivileged.
The PMJDY, conceptualized as a cornerstone of financial inclusion, has garnered impressive achievements over the years. The number of PMJDY accounts has grown threefold, from 14.72 crore in March 2015 to an impressive 50.09 crore as of August 16, 2023. These accounts are a critical component of people-centric initiatives, such as Direct Benefit Transfer (DBT), fostering equitable development across society.
Crucially, more than half of Jan-Dhan account holders are women, and around 67% of Jan Dhan accounts are situated in rural and semi-urban regions. The inclusive nature of PMJDY further extends to its impact on the vulnerable sections during the COVID-19 pandemic. Over 20 crore women PMJDY accounts received financial assistance of ₹500 per month for three months via DBT during the nationwide lockdown.
The PMJDY’s achievements also shine through its financial figures. Total deposit balances under PMJDY accounts now stand at an impressive ₹2,03,505 crore, marking a remarkable 13-fold increase since its inception. The average deposit per PMJDY account has increased over threefold, reaching ₹4,063 as of August 16, 2023.
Moreover, the issuance of RuPay cards to PMJDY account holders has surged, with a staggering total of 33.98 crore cards distributed. These cards have played a pivotal role in facilitating digital transactions, contributing to a substantial increase in the total number of digital transactions, including UPI and RuPay card transactions.
Looking forward, the government aims to continue enhancing the PMJDY’s reach and impact. This includes ensuring PMJDY account holders’ coverage under micro-insurance schemes, promoting digital payments, and bolstering access to micro-credit and micro-investment opportunities. The PMJDY’s journey, characterized by its resounding success, underscores the transformative power of financial inclusion in driving a more equitable and prosperous society. This information has shared by the Press Information Bureau, Government of India.
