Prime Minister Narendra Modi on Wednesday welcomed those who have worked hard for the success of Jan Dhan Yojana and said the scheme is crucial in promoting financial inclusion.
“Today we mark a momentous occasion – #10YearsOfJanDhan. Congratulations to all the beneficiaries and a huge shout out to all those who have worked hard to make this program a success.
He said that Pradhan Mantri Jan Dhan Yojana plays a vital role in promoting financial inclusion and empowering dignity of crores of people, especially women, youth and marginalized communities.
Launched on this day in 2014, the program is a national mission on financial inclusion that includes a comprehensive approach to achieve comprehensive financial inclusion for all households in the country. The plan envisages universal banking facilities, with every household having at least a basic bank account, improved financial literacy, and access to credit, insurance and pension facilities.
Guinness World Records also recognized the achievements of Pradhan Mantri Jan Dhan Yojana. It has certified “the highest number of bank accounts opened in a week, 18,096,130, as part of the financial inclusion movement, which was achieved by the Department of Financial Services, Government of India”.
PMJDY achieves the goal of financial inclusion by providing a basic bank account with a financial card with built-in accident insurance. Key features of PMJDY include overdraft facility of Rs 5,000 for Aadhaar linked accounts and RuPay debit card with built-in accident insurance of Rs 1 lakh. Additionally, eligible beneficiaries can get life insurance cover of Rs 30,000 for accounts opened between August 15, 2014 and January 26, 2015. One of the salient features of Pradhan Mantri Jan Dhan Yojana is that account holders will be eligible for overdraft of up to Rs 5,000 after remaining active for six months.
PMJDY has been the cornerstone of many people-centred economic measures. Be it direct benefit transfer, Covid-19 financial assistance, PM-KISAN, salary increase under MGNREGA, or life and health insurance.
A 2021 SBI report noted that states with higher PMJDY account balances experienced reduced crime rates and reduced alcohol and tobacco consumption, highlighting the positive social impact of the program.
planning timetable
Prime Minister Narendra Modi announced the appointment of Jan Dhan Yojana as Prime Minister in his Independence Day speech. August 15, 2014.
While officially launching the program August 28, 2014Prime Minister Modi described the occasion as a festival to celebrate the liberation of the poor from the vicious cycle. On the day it went online, 15 million bank accounts were opened, an achievement that was included in the Guinness Book of World Records. The launch also included disbursement of accident insurance policies worth Rs 15 crore in a single day.
August 23-29, 2014: The government opened 18,096,130 bank accounts, another Guinness World Record.
June 27, 2018: More than 318 million accounts have been opened, with deposits exceeding 792 billion rupees ($12 billion).
August 2024: Accounts opened exceeded Rs 5,314 crore, an increase of 3.6 times from March 2015. About 66.6% are female. As of August 2024, RuPay cards of Rs 36.14 crore have been issued to PMJDY account holders.
With PMJDY issuing over Rs 3,606 crore RuPay debit cards, installing 89.67 lakh PoS/mPoS machines and introducing mobile-based payment systems like UPI, the total number of digital transactions has increased from 23.38 billion in 2018-19 16,443 crore in FY23-24. The total number of UPI financial transactions increased from Rs 535 crore in 2018-19 to Rs 13,113 crore in 2023-24. Similarly, the total number of RuPay card transactions in PoS and e-commerce has increased from Rs 67 crore in FY 2017-18 to Rs 96.78 crore in FY 2023-24.
PMJDY enables savings while providing credit to those without formal financial records. Account holders can now display savings patterns, which makes them eligible for loans from banks and financial institutions. The closest proxy is the sanction under the Mudra facility, which has grown at a CAGR of 9.8% over the five years from FY19 to FY24. income.
