On the 10th anniversary of the Pradhan Mantri Jan Dhan Yojana (PMJDY), Prime Minister Narendra Modi reaffirmed his government’s dedication to leveraging the scheme’s success to achieve a ‘Viksit Bharat’. In a LinkedIn post, he highlighted the strong foundation established by PMJDY but recognized that further progress is necessary. He lauded the scheme’s transformative impact, noting that over 531 million beneficiaries have been empowered as of August 14, 2024, with total deposits surpassing USD 27.40 billion (Rs. 2.3 trillion). Remarkably, nearly 300 million of these beneficiaries are women, and over 65% of the accounts are situated in rural or semi-urban areas, broadening financial inclusion well beyond urban centres. The Prime Minister also acknowledged the dedicated efforts of banking staff in making financial inclusion a reality for millions of Indians.
Reflecting on the scheme’s journey since its launch, he discussed the considerable challenges faced prior to 2014, when nearly half of Indian households were without banking access. He highlighted how PMJDY has reshaped the financial landscape, with the average account balance rising from USD 12.69 (Rs. 1,065) in March 2015 to USD 51.85 (Rs. 4,352) by August 16, 2024, and around 80% of these accounts now active. He also highlighted the positive effects on SC, ST, OBC families, as well as the middle and neo-middle classes. Modi emphasised that Jan Dhan has become a cornerstone of the JAM Trinity—Jan Dhan, Aadhaar, and Mobile—which has driven India’s digital payments revolution and eradicated middlemen who previously exploited public funds. He underscored that this trinity has been instrumental in ensuring financial inclusion and propelling India’s economic advancement.
