Prime Minister Narendra Modi on Tuesday shared an article highlighting how the Pradhan Mantri Jan Dhan Yojana (PMJDY) has transformed access to financial services for India’s poorest over the past 11 years.
Calling the initiative a milestone in promoting dignity, self-reliance, and economic inclusion, the Prime Minister said that the scheme had bridged the longstanding gap between banks and the unbanked population.
“Pradhan Mantri Jan Dhan Yojana has transformed access to financial services for the poorest. It has bridged the gap between banks and the unbanked, promoting dignity, self-reliance and economic inclusion,” PM Modi said in a post shared by the Prime Minister’s Office on X.
The post also encouraged readers to go through an article written by Himani Sood on the topic.
11 Years of Financial Inclusion
Launched on August 28, 2014, the PMJDY has become one of the world’s largest financial inclusion initiatives. The scheme was aimed at providing every household with a bank account and bringing marginalized and rural communities into the formal banking system.
As of March 2024, more than 52.6 crore accounts have been opened under the scheme, with a total balance of ₹2.63 lakh crore.
The scheme offers several benefits including zero-balance accounts, RuPay debit cards, accidental and life insurance, and overdraft facilities. Most importantly, it has facilitated Direct Benefit Transfers (DBT) for welfare schemes, ensuring subsidies and financial aid reach beneficiaries directly.
Boost to Digital Banking and Women Empowerment
The use of RuPay debit cards and digital transactions has significantly increased under the scheme. PMJDY accounts have also become a base for enrolling citizens into other flagship schemes like PM-KISAN, Atal Pension Yojana, PM Jeevan Jyoti Bima Yojana (PMJJBY), and Pradhan Mantri Suraksha Bima Yojana (PMSBY).
Notably, over 56% of account holders are women, underlining the role of the scheme in promoting financial independence among women, especially in rural areas.
