With 2.31 lakh crore deposits and over 53 cr accounts, PM Jan Dhan Yojana completes ten years

New Delhi [India], August 28 : After a decade of its commencement, the Pradhan Mantri Jan Dhan Yojana (PMJDY) has achieved a milestone of a total of 53.13 crores PMJDY accounts out of which 55.6 per cent (29.56 crores) Jan-Dhan account holders are women and 66.6 per cent (35.37 crores) Jan Dhan accounts are in rural and semi-urban areas, the Ministry of Finance said in statement on Wednesday.

Deposit balances under PMJDY Accounts stand at Rs. 2,31,236 crore. Deposits have increased about 15 times with an increase in accounts 3.6 times, as of 14 August 2024.
The average deposit per account, according to the finance ministry stood at Rs. 4,352, as of 14 August 2024. The deposit per account has increased 4 times over August 15.

The PMJDY was announced by Prime Minister Narendra Modi in his Independence Day address on 15th August 2014.
The Prime Minister had described the occasion as a festival to celebrate the liberation of the poor from a vicious cycle.
With the issue of over 36.06 crore RuPay debit cards under PMJDY, the installation of 89.67 lakh point-of-sale (PoS/mPoS) machines and the introduction of mobile-based payment systems like UPI, the total number of digital transactions has gone up from 2,338 crore in financial year (FY) 18-19 to 16,443 crore in FY 23-24.
The total number of UPI financial transactions has increased from 535 crore in FY 2018-19 to 13,113 crore in FY 2023-24. Similarly, the total number of RuPay card transactions at PoS & e-commerce has increased from 67 crore in FY 2017-18 to 96.78 crore in FY 2023-24.
PMJDY is the National Mission for Financial Inclusion to ensure access to financial services, namely, Banking, Savings and Deposit Accounts, Remittance, Credit, Insurance, and Pension in an affordable manner.
On this occasion, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman, in a message, said, "Universal and affordable access to formal banking services is essential for achieving financial inclusion and empowerment. It integrates the poor into the economic mainstream and plays a crucial role in the development of marginalised communities."
"By providing universal, affordable, and formal financial services -- including bank accounts, small savings schemes, insurance, and credit -- to the previously unbanked, PM Jan Dhan Yojana has transformed the banking and financial landscape of the country over the last decade," the Union Finance Minister said.
"The success of the initiative is reflected in 53 crore people having been brought into the formal banking system through the opening of Jan Dhan Accounts. These bank accounts have garnered a deposit balance of Rs. 2.3 lakh crore, and resulted in the issuance of over 36 crore free-of-cost RuPay cards, which also provide for a Rs 2 lakh accident insurance cover. Notably, there are no account opening fees or maintenance charges and no requirement to maintain a minimum balance," Sitharaman said.
"It is heartening to note that 67 per cent of the accounts have been opened in rural or semi-urban areas, and 55 per cent of accounts have been opened by women," the Union Finance Minister said.
"The consent-based pipeline created through the linking of Jan Dhan-Mobile-Adhaar has been one of the most important pillars of the financial inclusion ecosystem. It has enabled swift, seamless and transparent transfer of Government welfare schemes to eligible beneficiaries and promoted digital payments," Sitharaman said.
PMJDY provides one basic bank account for every unbanked adult. For this account, there is no need to maintain any balance and also no charges are levied on this account.
In the account, a free-of-cost RuPay Debit card with in-built accident insurance cover of Rs. 2 lakh is also provided to promote digital transactions.
PMJDY account holders are also eligible for getting an overdraft of up to Rs. 10,000 to cover exigencies.
Ministry of Finance on Wednesday said in a statement that the PMJDY-led initiatives have produced both transformational as well as directional change. It has strengthened banks and financial institution ecosystems to deliver financial services to the last person in society.
PMJDY has enabled savings while providing credit access to those without a formal financial history. Account holders can now show saving patterns, which makes them eligible for loans from banks and financial institutions. The closest proxy is sanctions under Mudra loans, which rose at a compounded annual rate of 9.8 per cent in five years from FY 2019 to FY 2024. This access to credit is transformative as it empowers individuals to grow their incomes.