The Prime Minister’s Jan Dhan Yojana (PMJDY) was initiated nearly ten years ago with a noble goal: to provide every citizen with access to essential banking and financial services. From the moment the Modi government took office, a comprehensive plan was set in motion to ensure that even the poorest individuals could access banking facilities through zero-balance accounts. This program has played a pivotal role in channeling various welfare schemes, such as payments under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), subsidies from the Ujjwala Yojana, and financial aid during the COVID-19 pandemic.

As of August 14, 2024, Finance Minister Nirmala Sitharaman announced that the PMJDY has successfully opened 531.3 million bank accounts, with approximately 80% of these accounts still active. This achievement highlights a significant step toward financial inclusion across India, particularly benefiting marginalized and rural populations.

Under PMJDY, a total deposit of 2.3 lakh crore Indian Rupees has been recorded in these accounts. Remarkably, the average bank balance per account has increased from 1,065 INR in March 2015 to 4,352 INR today. Nirmala Sitharaman emphasized that a vast majority of these accounts are being utilized actively, indicating that people are trusting the banking system and opting to deposit their savings. Notably, only 8.4% of the accounts currently hold a zero balance, showcasing a shift towards more active banking practices among the population.

The government’s data reveals that the Jan Dhan accounts have had a particularly beneficial impact in rural and semi-urban areas, where approximately 66.6% of all accounts are located. Of the 531.3 million accounts opened, 295.6 million (about 55.6%) are registered in the names of women, highlighting the increasing financial empowerment of women in the country. Today, nearly 99.95% of inhabited villages have access to banking services within a 5-kilometer radius, facilitated by bank branches, ATMs, banking correspondents, and the India Post Payment Bank.

As of August 14, there are over 1.73 billion operational CASA (Current Account Savings Account) accounts in the country, which includes more than 530 million operational PMJDY accounts. The government aims to open over 30 million more PMJDY accounts during the current financial year. Furthermore, as of August 16, there were approximately 361.4 million RuPay cards utilized, showcasing a growing reliance on digital payment methods and greater financial inclusion.

In conclusion, the Prime Minister’s Jan Dhan Yojana has been a significant milestone in India’s journey towards financial inclusion, promoting both economic growth and empowerment for a vast segment of the population. By enabling access to banking facilities for millions, this initiative is paving the way for a more inclusive economy and a stronger financial future for all citizens.