Jan Dhan Turns 10: Key milestones of government's financial inclusion drive

Let's look at key milestones of the government's financial inclusion drive.

Pradhan Mantri Jan-Dhan Yojana (PMJDY) is the national mission for financial inclusion, which aims to provide inexpensive access to financial services including basic savings and deposit accounts, remittance, credit, insurance, and pensions. 

People who do not already have a bank account can open a basic savings bank deposit (BSBD) account at any bank branch or business correspondent (Bank Mitra) outlet under the plan.

“By providing universal, affordable, and formal financial services — including bank accounts, small savings schemes, insurance, and credit — to the previously unbanked, PM Jan Dhan Yojana has transformed the banking and financial landscape of the country over the last decade,” the Union Finance Minister said.

"The success of the initiative is reflected in 53 crore people having been brought into the formal banking system through the opening of Jan Dhan Accounts," said Finance Minister Nirmala Sitharaman.

These bank accounts have garnered a deposit balance of Rs 2.3 lakh crore and resulted in the issuance of over 36 crore free-of-cost RuPay cards, which also provide for a Rs 2 lakh accident insurance cover.

There are no account opening fees or maintenance charges and no requirement to maintain a minimum balance.

“It is heartening to note that 67% of the accounts have been opened in rural or semi-urban areas, and 55% of accounts have been opened by women,” the Union Finance Minister said.

Average deposit per account is Rs 4,352 as of August 14, 2024. The average deposit per account has increased four times over August 15.