Jan Dhan Turns 10: Key milestones of government's financial inclusion drive
"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.
The Pradhan Mantri Jan Dhan Yojana (PMJDY) has turned 10 today, August 28. The scheme was launched on August 28, 2014.
PMJDY is the world's largest financial inclusion effort, and the Ministry of Finance is always working to empower disadvantaged and economically backward areas through its financial inclusion interventions.
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Pradhan Mantri Jan Dhan Yojana: Key milestones
Let's look at key milestones of the government's financial inclusion drive.
What is PMJDY?
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.
Benefits of PMJDY
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.
Union Finance Minister's comments
“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.
53.13 PMJDY accounts (as of August 14, 2024)
"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.
Deposits under PMJDY accounts – Rs 2.31 lakh crore (as of 14th August 2024)
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.
No opening fees
There are no account opening fees or maintenance charges and no requirement to maintain a minimum balance.
Bank accounts in rural or semi-urban areas
“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 PMJDY account – Rs 4352
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.