Jan Dhan Yojana turns 10: PM Modi hails financial inclusion success

Jan Dhan Yojana has been paramount in boosting financial inclusion and giving dignity to crores of people', said Prime Minister Narendra Modi

Prime Minister Narendra Modi has marked the tenth anniversary of the Pradhan Mantri Jan-Dhan Yojana (PMJDY), a flagship initiative aimed at ensuring financial inclusion across India. Launched in 2014 by the then National Democratic Alliance (NDA) government, the scheme has been instrumental in providing access to essential financial services — such as savings accounts, credit, insurance, and pensions — at affordable costs.

As of August 14, 2024, the PMJDY has achieved remarkable success, with over 531 million crore beneficiaries and total deposits exceeding Rs 2.3 trillion. Significantly, nearly 300 million of these beneficiaries are women.

In a post on X (formerly Twitter), PM Modi hailed the scheme’s success, stating, “Today, we mark a momentous occasion — #10YearsOfJanDhan. Jan Dhan Yojana has been paramount in boosting financial inclusion and giving dignity to crores of people, especially women, youth, and the marginalised communities.”

 

Union Finance Minister Nirmala Sitharaman also commended the initiative, congratulating beneficiaries and the dedicated teams that made the scheme a success.

 

Key features of the Jan Dhan Yojana
 

Under the PMJDY, individuals can open a basic savings bank deposit (BSBD) account at any bank branch or through a Business Correspondent (‘Bank Mitra’). Key benefits of the scheme include:

1. No requirement to maintain a minimum balance in PMJDY accounts

2. Interest earned on deposits in PMJDY accounts

3. Provision of a RuPay Debit card to account holders

4. Accident insurance cover of Rs 100,000 (increased to Rs 200,000 for new accounts opened after August 28, 2018) with the RuPay card

5. Overdraft facility of up to Rs 10,000 for eligible account holders

6. Eligibility for Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), and Micro Units Development and Refinance Agency Bank (MUDRA) scheme.