Jan Dhan Yojana has transformed financial inclusion in India, opening over 50 cr bank accounts, says FM

Finance Minister Nirmala Sitharaman hailed the success of the Jan Dhan Yojana, asserting that this initiative, coupled with digital transformation, has transformed financial inclusion in India. A significant milestone has been achieved as more than 50 crore individuals have been integrated into the formal banking sector, amassing cumulative deposits that exceed ₹2 lakh crore.

Celebrating the ninth anniversary of the Pradhan Mantri Jan Dhan Yojana (PMJDY), which has gained global recognition as a monumental financial inclusion endeavor, Sitharaman highlighted that women have opened 55.5% of these bank accounts, while 67% have been established in rural and semi-urban areas.

Under the ambit of this initiative, the count of bank accounts has surged by a factor of 3.4, progressing from 14.72 crore in March 2015 to an impressive 50.09 crore as of August 16, 2023. Moreover, the cumulative deposits have seen a significant upswing, escalating from ₹15,670 crore in March 2015 to a substantial figure of over ₹2.03 lakh crore in August 2023.

Notably, the average deposits in Jan Dhan accounts have witnessed a robust growth of 3.8 times, ascending from ₹1,065 in March 2015 to a healthier ₹4,063 in August 2023. Additionally, a notable feat includes the issuance of approximately 34 crore RuPay cards, complete with a complimentary ₹2 lakh accident insurance cover.

Minister Sitharaman emphasized, "The 9 years of PMJDY-led interventions and digital transformation have revolutionized financial inclusion in India. With the collaborative efforts of stakeholders, banks, insurance companies, and government officials, the PMJDY stands out as a pivotal initiative, changing the landscape of financial inclusion in the country."