Policy

PMJDY brought 50 crore people into the formal banking system: Finance Minister Sitharaman

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Finance Minister Nirmala Sitharaman

The world’s biggest financial inclusion initiative Pradhan Mantri Jan Dhan Yojana (PMJDY) has surpassed many milestones since its launch nine years ago bringing 50 crore people into the formal banking system.

“The 9 years of PMJDY-led interventions and digital transformation have revolutionised financial inclusion in India. It is heartening to note that more than 50 crore people have been brought into the formal banking system through the opening of Jan Dhan Accounts,” said Union Finance Minister Smt. Nirmala Sitharaman, in her message on the 9th anniversary of PMJDY.

Highlighting the role of PMJDY in bridging economic inequality she said “Among these accounts, approximately 55.5% belong to women, and 67% have been opened in Rural / Semi-Urban areas. The cumulative deposits in these accounts surpass ₹2 lakh crore. Furthermore, about 34 crore RuPay cards have been issued to these accounts without charge, which also provides for a ₹2 lakh accident insurance cover.”

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Union Minister of State for Finance Dr. Bhagwat Kisanrao Karad also praised the scheme saying it has ended financial untouchability.

“PMJDY scheme has reduced financial untouchability by bringing the marginalised sections of the society into the ambit of formal banking,” he said.

“By providing access to banking facilities to vulnerable sections of the society, facilitating access to availability of credit, providing insurance and pension coverage and creating financial awareness, the outcomes of the scheme are far reaching and have a multiplier effect on the economy,” he added.

He emphasized that “Jan Dhan–Aadhaar–Mobile (JAM) architecture has enabled successful transfer of Government benefits in the accounts of common man seamlessly. PMJDY accounts have become fulcrum of people-centric initiatives like DBT and has contributed towards inclusive growth of all sections of the society, especially the underprivileged.”

Total deposit balances under PMJDY Accounts stand at Rs. 2,03,505 crore. The number of account holders under the scheme grew by 3.4 -fold from 14.72 crore in March 2015 to 50.09 crore as on August 16, 2023. A total of 33.98 crore RuPay cards have been issued to PMJDY accountholders

 

 

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