11 Years of Jan Dhan Yojana: Over 560 Million Accounts Empowering India

by

The Pradhan Mantri Jan Dhan Yojana (PMJDY), India’s flagship financial inclusion programme launched on 28th August 2014 by Prime Minister Narendra Modi, has completed 11 successful years. Marking this occasion, Union Finance Minister Nirmala Sitharaman announced that over 560 million (56 crore) Jan Dhan accounts have been opened, transforming the lives of millions by giving them access to the formal banking system.

Key Highlights from the Finance Minister’s Statement

  • Total Accounts Opened: More than 56 crore accounts in 11 years.
  • Deposit Balance: Collectively holding around ₹2.68 lakh crore.
  • RuPay Cards: Over 38 crore free RuPay debit cards issued, promoting digital transactions.
  • Women & Rural Focus:
  1. 67% of accounts are in rural and semi-urban areas.
  2. 56% of accounts are held by women, showing PMJDY’s role in empowering the marginalised.

Sitharaman called financial inclusion a key driver of economic growth, enabling the poor and marginalised to participate in the formal economy and access opportunities for savings, investments, and government welfare schemes.

PMJDY: A Tool for Social and Economic Transformation

PMJDY has become a major channel for Direct Benefit Transfer (DBT), ensuring subsidies and welfare schemes directly reach beneficiaries. Through these accounts, citizens also gain access to:

  • Credit facilities for small businesses and self-employment.
  • Insurance coverage under schemes like Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
  • Pension schemes to secure their future.

Minister of State for Finance on PMJDY’s Success

Union MoS Finance Pankaj Chaudhary highlighted that PMJDY is not only India’s most successful financial inclusion scheme but also among the most impactful initiatives globally.

He stressed that PMJDY is about “dignity, empowerment, and opportunity”, reminding that Prime Minister Modi, in his 2021 Independence Day speech, had called for universal bank accounts and broader coverage of insurance and pensions.

Saturation Drive and Doorstep Banking

  • The government launched a saturation campaign covering 2.7 lakh Gram Panchayats (GPs).
  • Special camps allow people to:
  1. Open PMJDY accounts.
  2. Enrol in Jan Suraksha insurance schemes.
  3. Update KYC and nominations.

  • This drive continues until 30th September 2025, ensuring that every household is financially covered.

Why PMJDY is a Game Changer

  • Zero balance accounts with no maintenance charges.
  • Easy access to banking, credit, insurance, and pensions.
  • Direct channel for government subsidies and benefits.
  • Massive boost to financial literacy and digital inclusion.

As MoS Finance Chaudhary stated, PMJDY represents “governance in mission mode”, showing what a committed government can achieve for the welfare of its people.

Leave a Comment