Pradhan Mantri Jan-Dhan Yojana (PMJDY), the flagship scheme for promoting financial inclusion, has achieved a significant milestone by surpassing 500 million bank accounts, with 56% of these accounts being held by women and 67% opened in rural and semi-urban regions, according to Prime Minister Narendra Modi. PMJDY is one of the fundamental elements of the JAM trinity (Jan-Dhan, Aadhaar, and mobile), which is acclaimed globally as an effective method for delivering subsidies directly to the bank accounts of economically disadvantaged individuals, thus minimizing diversion of funds. Launched on August 28, 2014, the scheme strives to provide basic banking services to the marginalized.
Expressing his satisfaction, Modi tweeted, “It is heartening to see that more than half of these accounts belong to our Nari Shakti. With 67% of accounts opened in rural and semi-urban areas, we are also ensuring that the benefits of financial inclusion reach every corner of our nation.”
The national mission for financial inclusion, as stated by the Union finance ministry, has marked nearly nine years of progress. As per the most recent data from banks, the total count of Jan-Dhan accounts exceeded 500 million as of August 9, 2023. These accounts collectively hold deposits exceeding Rs.2.03 lakh crore, and approximately 340 million RuPay cards have been distributed to these account holders free of charge. Moreover, over 550 million PMJDY accounts are actively receiving Direct Benefit Transfer (DBT) benefits.
The PMJDY initiative has been instrumental in transforming the financial landscape of the nation, achieving near saturation in adult bank account ownership. The success of the scheme is attributed to its holistic approach, aiming to bridge the gap between the marginalized sections and the formal banking system through technology, collaboration, and innovation.
The PMJDY scheme offers a range of advantages for account holders, including the provision of bank accounts without mandatory minimum balances, RuPay debit cards equipped with accident insurance of Rs.2 lakh at no cost, and an overdraft facility of up to ₹10,000.
