A Decade of Empowerment: PM Jan-Dhan Yojana Celebrates 10 Years of Financial Inclusion

New Delhi - Today marks the 10th anniversary of the launch of the Pradhan Mantri Jan-Dhan Yojana (PMJDY), an ambitious financial inclusion initiative started by Prime Minister Narendra Modi on August 28, 2014. Over the decade, the scheme has successfully opened 53.13 crore bank accounts, encompassing a total deposit of ₹2.3 lakh crore. The government aims to add over three crore more Jan-Dhan accounts in the fiscal year 2024-25.

According to a statement from the Ministry of Finance, the PMJDY is recognized as the world's largest financial inclusion initiative, continually working to provide assistance to economically and socially disadvantaged groups through various financial inclusion interventions. Finance Minister Nirmala Sitharaman highlighted the program's importance in providing universal and affordable access to formal banking services, which integrates the poor into the economic mainstream and plays a crucial role in the development of marginalized communities.

Sitharaman expressed satisfaction that 67% of the accounts were opened in rural or semi-urban areas and 55% of the account holders are women. She elaborated on the significant impact of PMJDY over the past decade, stating that it has transformed India's banking and financial landscape by offering universal, affordable financial services including bank accounts, small saving schemes, insurance, and loans. More than 36 crore free RuPay cards have been issued under the scheme, offering an accidental insurance cover of ₹2 lakh.

The Finance Minister also mentioned the JAM (Jan-Dhan-Aadhaar-Mobile) trinity as one of the most critical pillars of the financial inclusion ecosystem, facilitating swift, seamless, and transparent transfer of government welfare scheme benefits to eligible beneficiaries and promoting digital payments.

Pankaj Chaudhary, Minister of State for Finance, remarked that PMJDY is not just a scheme but a transformative movement that has granted financial freedom and a sense of financial security to many individuals previously deprived of banking services. He noted that the scheme is free of charge with no maintenance fees and does not require a minimum balance, underscoring its accessibility and inclusiveness.