Over 53 cr Jan Dhan accounts opened in last 10 yrs; one of the biggest global financial inclusion milestone: FM Sitharaman

With 2.3 lakh crore deposits and over 53 cr accounts, PM Jan Dhan Yojana completes 10 years

Finance Minister Nirmala Sitharaman announced on Tuesday that the Pradhan Mantri Jan Dhan Yojana (PMJDY) has seen significant progress over the past decade. Since its launch, a total of 53.13 crore Jan Dhan accounts have been opened, with deposits amounting to Rs.2.3 lakh crore.

Finance Minister Nirmala Sitharaman highlighted the significant achievements of the PMJDY as the scheme marks its 10th anniversary.

Sitharaman described the PMJDY as one of the largest financial inclusion programs globally. She emphasized the government’s commitment to expanding the initiative, aiming to open more than 3 crore new accounts in the current financial year.

Sitharaman pointed out the notable increase in the average balance per account and the high level of account activity, underscoring the scheme’s substantial impact on financial inclusion across India.

Sitharaman remarked, “PMJDY accounts are widely utilized, with people actively depositing money. Despite the scheme allowing zero-balance accounts, only 8.4% of them maintain a zero balance.” She noted that when the Modi government assumed office a decade ago, it aimed to provide financial and banking services to every citizen. To achieve this, zero-balance bank accounts were established for the poorest under the PMJDY, which was launched on August 28, 2014.

The scheme has been pivotal in distributing MNREGA salaries, Ujjwala scheme subsidies, and providing financial aid during the COVID-19 pandemic, contributing significantly to the government’s success. Over the past decade, billions of rupees have been deposited into these accounts.

As of August 14, 2024, there are more than 173 crore operative current and savings accounts (CASA) in India, with over 53 crore being PMJDY accounts. Sitharaman highlighted that advancements such as e-KYC and video KYC have streamlined the account opening process, making it paperless and eliminating the need for physical visits to branches or banking correspondents.

She emphasized that most adults in the country now have bank accounts, with the focus shifting to covering remaining adults and new adults. The JAM Trinity (Jan Dhan, Aadhaar, Mobile) has significantly enhanced the Direct Benefit Transfer (DBT) program, expanding its reach. According to the finance ministry, 99.95% of all inhabited villages now have banking facilities within a 5-km radius through various touchpoints, including bank branches, ATMs, and banking correspondents.

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