India's Financial Inclusion Journey: A Banking Revolution

Jan Dhan accounts in India hold approximately Rs 2.75 lakh crore, averaging Rs 4,815 per account. Launched in 2014 under the PMJDY, this initiative has brought over 57 crore people into the banking system. It marks significant progress in financial inclusion, especially in rural and semi-urban areas.

Holding balances of about Rs 2.75 lakh crore, Jan Dhan accounts now reflect an average holding of Rs 4,815 per account, according to M Nagaraju, Secretary of the Department of Financial Services.

In his address at India's Financial Inclusion Journey lecture, Nagaraju highlighted that Rs 3.67 lakh crore has been disbursed this year via Direct Benefit Transfer. The Pradhan Mantri Jan Dhan Yojana, launched in 2014, has been transformative, integrating over 57 crore people into formal banking.

With the Financial Inclusion Index at 67, improvements in accessibility and service quality are evident. Additionally, LIC aims to digitize its services, enhancing accessibility for consumers soon.