The National Financial Inclusion Mission popularly known as Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched on 28th August 2014 and has completed almost 9 years. According to the latest reports presented by the banks, the total number of Jan Dhan accounts has exceeded 50 crore as the 9th August 2023. Of these accounts, 56% belong to women and 67% were opened in rural/semi-urban areas. The deposits in these accounts are more than Rs. 2.03 lakh crore and around 34 crore of RuPay cards were issued free of charge in these accounts. The average balance in PMJDY accounts is Rs. 4,076 and more than 5.5 crore PMJDY accounts receive DBT benefits.
The PMJDY scheme has been successful in changing the financial landscape of the country and has led to near saturation of bank accounts for adults. PMJDY’s success lies in the global nature of the scheme with an attempt to connect the last mile with the formal banking system through technology, collaboration and innovation.
PMJDY offers multiple benefits to account holders such as a bank account with no minimum balance requirement, free RuPay debit cards with built-in accident insurance of Rs. 2 lakh and overdrawn up to Rs. 10,000.
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PPG/KMN
