10 Years of Jan Dhan Yojana: PM Modi and FM Sitharaman celebrated milestone towards financial inclusion

10 Years of Jan Dhan Yojana: PM Modi and FM Sitharaman celebrated milestone towards financial inclusion

On Wednesday, Prime Minister Narendra Modi congratulated the beneficiaries of the Pradhan Mantri Jan Dhan Yojana (PMJDY) on its tenth anniversary.”

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Today, we mark a momentous occasion-10 years of Jan Dhan. Congratulations to all the beneficiaries and compliments to everyone who worked to make this scheme a success,” PM Modi wrote on X (previously known as Twitter). The Jan Dhan Yojana, as stated by PM Modi, has been crucial 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. Jan Dhan Yojana has been paramount in boosting financial inclusion and giving dignity to crores of people,… pic.twitter.com/VgC7wMcZE8

— Narendra Modi (@narendramodi) August 28, 2024

Prime Minister Modi introduced PMJDY on August 28, 2014, and since then, it has grown to become the largest financial inclusion program in the world, with over 53.14 million beneficiaries and Rs 2,31,236 crore in total deposit balances.

Union Finance Minister Nirmala Sitharaman hailed the scheme as well, stating that “it integrates the poor into the economic mainstream and plays a crucial role in the development of marginalized communities” and that “universal and affordable access to formal banking services is essential for achieving financial inclusion and empowerment.”

The banking and financial landscape of the nation has changed during the past ten years because of the PM Jan Dhan Yojana. A Rs 2 lakh accident insurance cover is also included with the nearly 36 million free RuPay cards that have been issued as a result of these bank accounts, which have amassed a deposit balance of Rs. 2.3 lakh crore, according to Minister Sitharaman.

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Notably, there are no minimum balance requirements and no account creation or maintenance fees. Every adult without a bank account is given one under the PMJDY scheme. There is no balance requirement for this account, and there are no fees associated with it.

In order to cover emergencies, PMJDY account holders are also qualified for an overdraft of up to Rs 10,000. The Finance Minister expressed optimism over the fact that 55% of accounts were opened by women and 67% of accounts were opened in rural or semi-urban areas.

With PMJDY as one of its pillars, the Jan-Dhan Aadhaar and mobile (JAM) trinity has shown to be a diversion-proof subsidy.

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