Jan Dhan Yojana Empowers Financial Inclusion: Over 50 Cr Bank A/Cs Opened, Proclaims FM Sitharaman.

Jan dhan yojana

Finance Minister Nirmala Sitharaman heralded the impactful strides of Jan Dhan Yojana-led efforts and digital advancements in enhancing financial inclusion across India. Over 50 crore individuals have now become part of the formal banking network, with collective deposits exceeding Rs 2 lakh crore.

Jan dhan yojana

 **Jan Dhan Yojana’s Landmark Achievements**

On the occasion of the ninth anniversary of the groundbreaking Pradhan Mantri Jan Dhan Yojana (PMJDY), which stands as one of the world’s most prominent financial inclusion initiatives, FM Sitharaman conveyed that a remarkable 55.5 percent of these accounts have been initiated by women. Additionally, a substantial 67 percent of these accounts have been opened in rural and semi-urban regions.

**Exponential Growth and Deposits**

Under this visionary scheme, the number of bank accounts has surged threefold, rising from 14.72 crore in March 2015 to a staggering 50.09 crore as of August 16, 2023. Notably, total deposits have soared from Rs 15,670 crore in March 2015 to an impressive over Rs 2.03 lakh crore by August 2023.

**Rising Deposits and Accessibility**

The average deposits in Jan Dhan accounts have witnessed a significant 3.8-fold increase, surging from Rs 1,065 in March 2015 to Rs 4,063 by August 2023. Furthermore, approximately 34 crore RuPay cards have been disbursed to these accounts without any charges, providing an added benefit of Rs 2 lakh accident insurance coverage.

**Driving Down Zero-Balance Accounts**

Zero-balance accounts, once constituting a sizable 58 percent of total accounts in March 2015, have impressively dwindled to a mere 8 percent by August 2023.

Sitharaman emphasized, “The nine-year journey of PMJDY-led interventions and digital transformation has truly revolutionized financial inclusion in India. This initiative, powered by the collective dedication of stakeholders, banks, insurers, and government officials, stands as a pivotal force in reshaping the financial inclusion landscape of the nation.”

**Empowering the Common Man**

Minister of State for Finance Bhagwat Karad accentuated the role of the Jan Dhan-Aadhaar-Mobile (JAM) architecture, which has seamlessly facilitated the transfer of government benefits to the accounts of ordinary citizens.

“PMJDY accounts have emerged as the cornerstone of people-centric endeavors like Direct Benefit Transfer (DBT) and have significantly contributed to the comprehensive growth of all sections of society, particularly the marginalized,” Karad highlighted.

**The PMJDY Vision**

Launched on August 28, 2014, the Pradhan Mantri Jan Dhan Yojana aimed to ensure universal banking services through the establishment of zero-balance bank accounts for each unbanked household. Guided by principles of banking the unbanked, securing the unsecured, and funding the unfunded, the scheme has achieved extraordinary milestones in empowering the masses.

In essence, the Jan Dhan Yojana stands as a beacon of transformative financial inclusion, catalyzing positive changes in the lives of millions across India.

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