Finance Minister Nirmala Sitharaman hailed the success of the Jan Dhan Yojana, asserting that this initiative, coupled with digital transformation, has transformed financial inclusion in India. A significant milestone has been achieved as more than 50 crore individuals have been integrated into the formal banking sector, amassing cumulative deposits that exceed ₹2 lakh crore.
Celebrating the ninth anniversary of the Pradhan Mantri Jan Dhan Yojana (PMJDY), which has gained global recognition as a monumental financial inclusion endeavor, Sitharaman highlighted that women have opened 55.5% of these bank accounts, while 67% have been established in rural and semi-urban areas.
Under the ambit of this initiative, the count of bank accounts has surged by a factor of 3.4, progressing from 14.72 crore in March 2015 to an impressive 50.09 crore as of August 16, 2023. Moreover, the cumulative deposits have seen a significant upswing, escalating from ₹15,670 crore in March 2015 to a substantial figure of over ₹2.03 lakh crore in August 2023.
Notably, the average deposits in Jan Dhan accounts have witnessed a robust growth of 3.8 times, ascending from ₹1,065 in March 2015 to a healthier ₹4,063 in August 2023. Additionally, a notable feat includes the issuance of approximately 34 crore RuPay cards, complete with a complimentary ₹2 lakh accident insurance cover.
Minister Sitharaman emphasized, "The 9 years of PMJDY-led interventions and digital transformation have revolutionized financial inclusion in India. With the collaborative efforts of stakeholders, banks, insurance companies, and government officials, the PMJDY stands out as a pivotal initiative, changing the landscape of financial inclusion in the country."