56% Accounts Belong To Women and 67% Accounts Opened In Rural / Semi-urban Areas

The national Mission on Financial Inclusion popularly known as Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched on 28^th august 2014 and it has completed almost 9 years. As per the latest reports submitted by banks the total number of Jan Dhan accounts have crossed 50 crore as on 9^th August 2023. Out of these accounts 56% accounts belong to women and 67% accounts have been opened in Rural / Semi-urban areas. The deposits in these accounts are above Rs. 2.03 lakh crore and about 34 crore RuPay cards have been issued in these accounts free of cost. The average balance in PMJDY accounts is Rs. 4,076 and more than 5.5 crore PMJDY accounts are receiving DBT benefits.

PMJDY scheme has been successful in changing the financial landscape of the country and has brought near saturation in bank accounts for adults. The success of PMJDY lies in the comprehensive nature of the scheme with an attempt to connect the last mile with the formal banking system through technology, collaboration and innovation.

PMJDY offers multiple advantages to account holders such as a bank account without requirement of minimum balance, free of cost RuPay debit cards with inbuilt accident insurance of Rs. 2 lakh and overdraft facility of up to Rs. 10,000.

Financial inclusion via basic bank accounts expands access and directs benefit transfers while offering zero balance accounts. The national financial inclusion initiative Pradhan Mantri Jan Dhan Yojana has achieved widespread account penetration, with a majority of accounts held by women and concentrated in rural and semi urban areas. The scheme mobilises deposits, issues free RuPay debit cards with accident insurance, and enables direct benefit transfers; its core features-zero minimum balance, card issuance, DBT interoperability, and an overdraft facility-are the principal mechanisms advancing financial inclusion.