Prime Minister Narendra Modi has reflected on the transformative impact of the Pradhan Mantri Jan Dhan Yojana (PMJDY) as it marks its 10th anniversary. In a LinkedIn post, Modi shared that this initiative was not merely a policy for him but a determined effort to ensure that every Indian has access to formal banking services. When he assumed office in 2014, Modi noted, almost half of India's households lacked access to banking, making it a distant dream for millions.
The Prime Minister elaborated on the financial vulnerabilities faced by those without access to banking, such as the risks associated with keeping savings at home and the reliance on predatory lenders. These issues, he said, hindered the dreams and aspirations of many.
He also pointed out the irony of the situation, where despite the nationalisation of banks by the Congress government in the name of the poor, access to banking for the poor remained elusive.
Modi recalled the scepticism surrounding the rollout of the Jan Dhan Yojana, with doubts about whether such a large number of people could be integrated into the banking system and whether it would bring any tangible benefits.
However, the determination of the Indian people ensured that the scheme became a reality. Today, the initiative has brought over 53 crore people into the banking system, with deposit balances exceeding ₹2.3 lakh crore.
The majority of these accounts, over 65%, are in rural or semi-urban areas, extending financial inclusion beyond metropolitan cities. Additionally, direct transfers amounting to nearly ₹39 lakh crore have been made through these accounts.
Highlighting the scheme's significance, the Prime Minister described the Jan Dhan Yojana as a "game-changer" for women's empowerment, with almost 30 crore women now part of the banking system.
The scheme has also positively impacted millions of families from Scheduled Castes, Scheduled Tribes, and Other Backward Classes. Modi emphasised that without the foundation laid by the Jan Dhan Yojana, other government initiatives like the MUDRA Yojana and social security schemes such as the Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, and Atal Pension Yojana would not have been as effective.
The Prime Minister also highlighted the role of the Jan Dhan Yojana in the JAM Trinity—Jan Dhan, Aadhaar, and Mobile—which has been instrumental in eliminating middlemen and ensuring direct benefits to the people. This trinity, he noted, played a crucial role in India's digital payments revolution, with over 40% of real-time digital payments worldwide now taking place in India.
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