10 years of Jan Dhan Yojana: Pioneering scheme now covers 531 million people in India

India has marked its 10th anniversary of Pradhan Mantri Jan Dhan Yojana (PMJDY), an initiative which was launched by Prime Minister Narendra Modi for financial inclusion of the marginalized, after coming to power in the country for the first time in 2014.

Acknowledging the completion of 10 years, Modi said Jan Dhan Yojana has been paramount in boosting financial inclusion and giving dignity to crores of people, especially women, youth, and the marginalized communities.

“Today, we mark a momentous occasion— #10YearsOfJanDhan. Congratulations to all the beneficiaries and compliments to all those who worked to make this scheme a success,” Modi posted on X.

What is Pradhan Mantri Jan Dhan Yojana?

PMJDY is a National Mission on Financial Inclusion encompassing an integrated approach to bring about comprehensive financial inclusion of all the households in the country.

The plan envisages universal access to banking facilities with at least one basic banking account for every household, financial literacy, access to credit, insurance and pension facility, as per the official website.

In addition, the beneficiaries would get RuPay Debit card having inbuilt accident insurance cover of Rs. 1 lakh (USD1,191).

The plan also envisages channeling all Government benefits (from Centre / State / Local Body) to the beneficiaries accounts and pushing the Direct Benefits Transfer (DBT) scheme of the Union Government.
The technological issues like poor connectivity, on-line transactions will be addressed.

Mobile transactions through telecom operators and their established centres as Cash Out Points are also planned to be used for Financial Inclusion under the Scheme.

Some key facts about the account

As on 14th August 24 number of total PMJDY Accounts: 53.13 crore ( 531.3 million) ; 55.6% (29.56 crore [ 295.5 million]) Jan-Dhan account holders are women and 66.6% (35.37 crore [353.2 million]) Jan Dhan accounts are in rural and semi-urban areas.Total deposit balances under PMJDY Accounts stand at Rs. 2,31,236 crore (2312360 million). Deposits have increased about 15 times with an increase in accounts 3.6 times (Aug’24 / Aug’15).

Average deposit per account is Rs. 4,352 (USD 51.861) as on 14.08.2024. Avg. Deposit per account has increased 4 times over August 15. Increase in average deposit is another indication of increased usage of accounts and inculcation of saving habits among account holders.

A total of 36.14 crore ( 361.2 million) RuPay cards have been issued to PMJDY account holders. Number of RuPay cards and their usage has increased over time.

With the issue of over 36.06 crore ( 360.4 million) RuPay debit cards under PMJDY, installation of 89.67 lakh PoS/mPoS machines and the introduction of mobile based payment systems like UPI, the total number of digital transactions have gone up from 2,338 crore in FY 18-19 to 16,443 crore in FY 23-24.

The total number of UPI financial transactions have increased from 535 crore ( 5350 million) in FY 2018-19 to 13,113 crore in FY 2023-24.

Similarly, total number of RuPay card transactions at PoS & e-commerce have increased from 67 crore in FY 2017-18 to 96.78 crore ( 967.6 million) in FY 2023-24.

What did FM Nirmala Sitharaman say?

Speaking on the occasion, Union Finance Minister Nirmala Sitharaman 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,” she said.

“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.