The Pradhan Mantri Jan Dhan Yojana (PMJDY), a landmark initiative aimed at promoting financial inclusion in India, has reached a significant milestone – its 10th anniversary. Prime Minister Narendra Modi celebrated this achievement on social media, congratulating the beneficiaries and acknowledging the efforts of those who contributed to its success.
Launched in 2014, PMJDY has played a crucial role in empowering millions of Indians, especially those from marginalized communities, by providing access to essential financial services. This includes opening bank accounts, facilitating savings, offering insurance coverage, and extending credit options.
Union Finance Minister Nirmala Sitharaman emphasized the significance of universal access to banking services, highlighting its role in achieving financial inclusion and empowering individuals. She noted that PMJDY has transformed the country’s banking landscape, bringing over 53 crore individuals into the formal banking system through the opening of Jan Dhan accounts.
The scheme’s impact is evident in the impressive figures: a deposit balance of Rs. 2.3 lakh crore accumulated in these accounts and the issuance of over 36 crore free-of-cost RuPay cards, each providing a ₹ 2 lakh accident insurance cover. Importantly, PMJDY accounts are free from account opening fees, maintenance charges, and minimum balance requirements.
Furthermore, 67% of the accounts have been opened in rural or semi-urban areas, demonstrating the scheme’s reach in underserved regions. The initiative also prioritizes women’s financial inclusion, with 55% of the accounts opened by women. The PMJDY-led initiatives have not only fostered financial inclusion but also brought about transformational changes in the banking and financial institution ecosystems. Banks and financial institutions have been empowered to provide financial services to every segment of society, bridging the gap in access.
The scheme has also facilitated access to credit for those with no formal financial history. By enabling individuals to establish saving patterns, they become eligible for loans from banks and financial institutions. This credit access is transformative, empowering individuals to improve their incomes and build a more secure financial future. PMJDY stands as a testament to the government’s commitment to financial inclusion, providing a platform for economic empowerment and upliftment for millions of Indians.
