PMJDY's Decade of Success: Financial Inclusion Milestone

The Pradhan Mantri Jan Dhan Yojana (PMJDY) has completed a decade, achieving 53.13 crore accounts with significant participation from women and rural areas. The initiative has increased deposits, digital transactions, and financial services accessibility, transforming India's banking landscape.

After a decade since its inception, the Pradhan Mantri Jan Dhan Yojana (PMJDY) has marked a significant milestone by amassing 53.13 crore accounts, with a substantial 55.6% held by women and 66.6% in rural and semi-urban areas, the Ministry of Finance announced on Wednesday. Deposit balances have surged to Rs. 2,31,236 crore, a 15-fold increase over the past decade.

Prime Minister Narendra Modi initially introduced the PMJDY on 15 August 2014, describing it as a festival celebrating the liberation of the poor from financial exclusion. Over the years, 36.06 crore RuPay debit cards have been issued, 89.67 lakh point-of-sale machines installed, and mobile-based payment systems like UPI introduced. Overall, digital transactions skyrocketed from 2,338 crore in FY 2018-19 to 16,443 crore in FY 2023-24.

Union Finance Minister Nirmala Sitharaman highlighted the initiative's role in fostering financial inclusion, stressing its impact on marginalized communities. The PMJDY provides a crucial financial services ecosystem, including bank accounts, savings schemes, insurance, and credit, at no cost. The program's success underscores significant strides in integrating previously unbanked populations into the formal financial system.

(With inputs from agencies.)