On the tenth anniversary of the Pradhan Mantri Jan-Dhan Yojana (PMJDY), Prime Minister Narendra Modi praised the initiative for its role in enhancing financial inclusion across India. Launched in 2014, the scheme has successfully opened over 53.1 crore bank accounts, accumulating deposits of over Rs 2.3 lakh crore. Notably, nearly 30 crore beneficiaries are women, reflecting the scheme’s impact on empowering marginalised communities.
PM Modi, in a post on X (formerly Twitter), said, “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
The 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 for accounts.
- Interest earned on deposits.
- Provision of a Rupay Debit card.
- Accident insurance coverage of Rs 1 lakh (increased to Rs 2 lakh for accounts opened after August 28, 2018).
- Overdraft facility up to Rs 10,000 for eligible account holders.
- 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 a significant milestone with 53.13 crore accounts, 55.6% of which are held by women. The scheme has a substantial presence in rural and semi-urban areas, accounting for 66.6% of all accounts. Deposit balances have surged to Rs 2,31,236 crore, reflecting a 15-fold increase in deposits and a 3.6-fold rise in accounts since the scheme's inception. The average deposit per account is now Rs 4,352.
Digital growth and financial tools
Introduced by Modi on August 15, 2014, PMJDY has also fostered digital financial growth. Over 36 crore RuPay debit cards have been issued, and there are 89.67 lakh point-of-sale (PoS) machines. Digital transactions have grown significantly, with UPI transactions rising from 535 crore in FY 2018-19 to 13,113 crore in FY 2023-24. RuPay card transactions at PoS and e-commerce platforms have similarly increased.
Government officials laud the achievement
Finance Minister Nirmala Sitharaman also commended the success of the PMJDY, acknowledging the efforts of all involved in the scheme. She highlighted the significant milestone and extended congratulations to both beneficiaries and those who contributed to the scheme's success.
The Jan-Dhan Yojana has been instrumental in integrating millions into the formal financial system, demonstrating India's commitment to inclusive economic growth.
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