Pradhan Mantri Jan-Dhan Yojana Crosses 500 Million Mark

Pradhan Mantri Jan-Dhan Yojana Crosses 500 Million Mark

The Pradhan Mantri Jan-Dhan Yojana (PMJDY) – the world’s largest financial inclusion mission – crossed the 500 million mark on August 28 in nine years of its launch, with over ₹2 lakh crore deposits and over 55.5% of the bank accounts belonging to women, said Union Finance Minister Nirmala Sitharaman.

In a statement, the union minister said the last nine years of PMJDY-led interventions and digital transformation revolutionised financial inclusion in the country. She added it is heartening to note that over 500 million people have been brought into the formal banking system. She underlined the collaborative efforts of stakeholders, banks, insurance companies, and government officials to make the scheme a pivotal initiative.

Of the total bank accounts opened under PMJDY, 67% were opened in rural and semi-urban areas. About 340 million RuPay cards have been issued to these accounts without charge, which also provides for a ₹2 lakh accident insurance cover.

Financial inclusion also brings savings of the poor into the formal financial system, provides an avenue to remit money to their families in villages, and takes them out of the clutches of the usurious money lenders, added the minister.

PMJDY was first mentioned by Prime Minister Narendra Modi in his Independence Day address on August 15, 2014.