The Pradhan Mantri Jan Dhan Yojana (PMJDY), recognized as the national mission for financial inclusion, was initiated on August 28, 2014, and has been operational for nearly nine years. As of August 9, 2023, the latest bank-provided data revealed that over 500 million Jan Dhan accounts were in existence.
Out of these accounts, more than 67% were opened in rural or semi-urban areas, with 56% belonging to women. The cumulative deposit in these accounts amounts to over Rs. 2.03 million crore (US$ 24 billion), and approximately 340 million free RuPay cards have been distributed. Notably, over 5.5 lakh PMJDY accounts are currently receiving direct benefit transfers (DBT), with an average balance of Rs. 4,076 (US$ 49.05).
The success of the PMJDY initiative lies in its ability to transform the financial landscape of the nation and elevate adult bank account figures to near saturation levels. This achievement can be attributed to the comprehensive design of PMJDY, which integrates technology, collaboration, and innovation to bridge the gap between informal and formal banking systems, particularly in remote areas.
The scheme offers numerous advantages to account holders, including no minimum balance requirements, free RuPay debit cards equipped with accident insurance of Rs. 2 lakh (US$ 2,406.68), and an overdraft facility of up to Rs. 10,000 (US$ 120.33).
