Finance Minister Nirmala Sitharaman stated on Wednesday that the Pradhan Mantri Jan Dhan Yojana (PMJDY) is the largest financial inclusion initiative globally, aiming to integrate the poor into the economic mainstream and significantly contribute to the development of marginalised communities.
The National Mission for Financial Inclusion, PMJDY, has completed a decade of successful implementation and continually strives to offer assistance to marginalised and economically disadvantaged groups through its financial inclusion efforts.
In her message on the 10th anniversary of PMJDY, Sitharaman said, "Universal and affordable access to formal banking services is essential for achieving financial inclusion and empowerment. It integrates the poor into the economic mainstream and plays a crucial role in developing marginalised communities."
She mentioned that the PM Jan Dhan Yojana, which provides universal, affordable, and formal financial services such as bank accounts, small savings schemes, insurance, and credit to the previously unbanked, has transformed the country's banking and financial landscape over the past decade.
She pointed out that the program's success is evident from the fact that 53 crore people have been brought into the formal banking system through the opening of Jan Dhan Accounts. Additionally, these bank accounts have accumulated a deposit balance of Rs 2.3 lakh crore and have led to the issuance of over 36 crore free-of-cost RuPay cards, which also offer a Rs 2 lakh accident insurance cover.
She emphasised that there are no account opening fees or maintenance charges and no requirement to maintain a minimum balance.
The Jan Dhan Yojana, which was introduced by Prime Minister Narendra Modi during his Independence Day speech in 2014, was officially launched on August 28 of the same year.
Further, the Finance Minister highlighted that it is encouraging to see that 67 per cent of the accounts have been opened in rural or semi-urban areas, and 55 per cent of accounts have been opened by women.
"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.
Under the scheme, the number of bank accounts grew nearly four-fold from 14.72 crore in March 2015, to 53.13 crore as on August 14, 2024. Total deposits under PMJDY have swollen from Rs 15,670 crore as of March 2015, to over Rs 2.31 lakh crore as of August 2024.
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