Over 580 mn Jan Dhan accounts bring crores of Indian into banking system: FM

Finance Minister Nirmala Sitharaman on Monday said that over 580 million Jan Dhan accounts have brought crores of Indians into the formal banking system.

The Jan Dhan scheme has ensured that benefits under welfare schemes, low-cost insurance, and pensions reach without leakages, the Finance Minister's office said in a post on X.

"Garib Kalyan is Hon'ble PM Shri @narendramodi's guarantee of dignity, opportunity and empowerment for every Indian," she said.

India has stood out globally in its fight against poverty and deprivation, she added.

Launched on August 28, 2014, Pradhan Mantri Jan Dhan Yojana (PMJDY) is one of the world's largest financial inclusion initiatives.

 

Fifty-six per cent of the PMJDY account holders are women, while 67 per cent of accounts are opened in rural and semi-urban areas.

As much as ₹45 trillion was transferred directly to beneficiary accounts through Direct Benefit Transfer (DBT).

Ninety-four per cent of India's adult population has a bank account now.

Accounts opened under the scheme offer a zero balance facility, free RuPay cards, accidental insurance, and an overdraft facility.

It has helped people step into the formal financial system, changing lives and transforming the nation's economy.