Number of Jan Dhan accounts crosses the 500 million mark, shows data

The Pradhan Mantri Jan Dhan Yojana (PMJDY), launched in 2014, reached the significant milestone of 500 million accounts on August 9. Among these, 56 per cent of the accounts belong to women, and 67 per cent have been opened in rural or semi-urban areas.

The total deposits in these accounts amount to more than Rs 2.03 trillion, and about 340 million RuPay cards have been issued to these account holders free of charge. The average balance in PMJDY accounts stands at Rs 4,076, and over 55 million PMJDY accounts are receiving Direct Benefit Transfer (DBT) benefits.

In a release, the finance ministry stated, “The PMJDY scheme has been successful in transforming the financial landscape of the country and has achieved near saturation in bank accounts for adults. The success of PMJDY can be attributed to its comprehensive nature, aiming to connect the last mile with the formal banking system through technology, collaboration, and innovation.”

PMJDY offers multiple advantages to its account holders, such as a bank account without the requirement of a minimum balance, RuPay debit cards provided free of cost with inbuilt accident insurance of Rs two lakh, and an overdraft facility of up to Rs 10,000.