On the tenth anniversary of the Pradhan Mantri Jan-Dhan Yojana (PMJDY), Prime Minister Narendra Modi lauded the initiative for its remarkable role in enhancing financial inclusion across India. Launched in 2014, PMJDY has successfully opened over 53.1 crore bank accounts, with deposits exceeding ₹2.3 lakh crore. Nearly 30 crore beneficiaries are women, highlighting the scheme’s impact on empowering marginalized communities.
PM Modi expressed his appreciation on X (formerly Twitter), stating, “Today, we mark a momentous occasion—#10YearsOfJanDhan. Jan Dhan Yojana has been paramount in boosting financial inclusion and giving dignity to crores of people, especially women, youth, and the marginalized communities.”
Scheme Overview and Benefits
PMJDY aims to provide basic financial services to all Indians, including savings and deposit accounts, remittances, credit, insurance, and pensions. Key features of the scheme include:
- No Minimum Balance Requirement: Accounts can be maintained without a minimum balance.
- Interest on Deposits: Depositors earn interest on their savings.
- Rupay Debit Card: Provides access to digital payments and withdrawals.
- Accident Insurance Coverage: ₹1 lakh (increased to ₹2 lakh for accounts opened after August 28, 2018).
- Overdraft Facility: Up to ₹10,000 for eligible account holders.
- Access to Other Benefits: Eligibility for Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), and MUDRA scheme.
Key Statistics
The PMJDY has achieved significant milestones with 53.13 crore accounts, of which 55.6% are held by women. A substantial 66.6% of accounts are in rural and semi-urban areas. Deposit balances have reached ₹2,31,236 crore, reflecting a 15-fold increase in deposits and a 3.6-fold rise in accounts since the scheme’s launch. The average deposit per account is now ₹4,352.
Digital Growth and Financial Tools
Since its introduction by PM Modi on August 15, 2014, PMJDY has also spurred digital financial growth:
- RuPay Debit Cards Issued: Over 36 crore cards.
- Point-of-Sale (PoS) Machines: 89.67 lakh deployed.
- Digital Transactions Surge: UPI transactions rose from 535 crore in FY 2018-19 to 13,113 crore in FY 2023-24.
- RuPay Card Transactions: Significant growth at PoS and e-commerce platforms.
Government Officials Laud the Achievement
Finance Minister Nirmala Sitharaman praised the success of PMJDY, recognizing the collective efforts that contributed to the scheme’s achievements. She acknowledged the importance of this milestone and congratulated the beneficiaries and stakeholders involved.
The Jan-Dhan Yojana has played a crucial role in integrating millions into the formal financial system, showcasing India’s dedication to inclusive economic growth and empowering its citizens through financial access.
