More than 560 mn Jan Dhan accounts opened in last 11 years: Sitharaman

More than 560 million Jan Dhan accounts have been opened, in the last 11 years, bringing millions into the formal banking system, said Union Finance Minister Nirmala Sitharaman in a message marking the 11 years of the Pradhan Mantri Jan Dhan Yojana (PMJDY), launched by Prime Minister Narendra Modi on 28th August 2014.

"Financial inclusion is a key driver of economic growth and development. Universal access to bank accounts enables the poor and marginalised to participate fully in the formal economy and benefit from its opportunities," Sitharaman said.

She stated that PMJDY has been one of the major channels for delivering benefits under various schemes, utilising Direct Benefit Transfer (DBT), providing credit facilities, social security, and enhancing savings and investments.

"Over the last 11 years, more than 56 crore Jan Dhan accounts have been opened, garnering a total deposit balance of Rs. 2.68 lakh crore. More than 38 crore free-of-cost RuPay cards have been issued, facilitating digital transactions," Sitharaman said.

"It is noteworthy that under PMJDY, 67% of the accounts are opened in rural or semi-urban areas, and 56% of the accounts are opened by women, indicating how underprivileged individuals living in far-flung areas of the country have been brought into the formal financial sector," the Union Finance Minister said.

In his message on the occasion, Union Minister of State for Finance Pankaj Chaudhary, said, "PMJDY has been one of the most successful financial inclusion initiatives not only in the country but in the whole world. The Jan Dhan Yojana is about dignity, empowerment and opportunity."

"The Prime Minister, in his 2021 Independence Day speech, announced that every household should have a bank account and every adult should have insurance and pension coverage. With the continuous efforts in this direction through various saturation drives carried out across the country, we have achieved near saturation in bank accounts, and there has been a continuous increase in insurance and pension coverage across the country," Pankaj Chaudhary added.

He said that the Centre had launched a saturation campaign where at least one camp would be held in each of the 2.7 lakh GPs in the country, where eligible persons can open PMJDY accounts, enrol under Jansuraksha schemes and also do their re-KYC and update nominations in their Bank accounts.

"Our effort is to bring the financial services to the doorsteps of the common man. While the saturation drive will culminate on 30th September, the initial reports have been encouraging, and I urge all of you to derive full benefits from this campaign," MoS Finance said.

"With the support of all stakeholders, banks, insurance companies and state Governments, we are moving towards a more financially inclusive society, and PMJDY would always be remembered as a game changer for financial inclusion in the country. Pradhan Mantri Jan Dhan Yojana not only serves as an important example of Governance in Mission Mode but also demonstrates what a Government can achieve if it is committed to the welfare of the people," He added.

PMJDY ensures that every unbanked adult has access to a basic bank account--with zero balance requirements and no maintenance charges.