Historic Milestone: PM Modi Celebrates 10 Years of Jan Dhan Scheme
On the 10th anniversary of the Pradhan Mantri Jan Dhan Yojana (PMJDY), Prime Minister Narendra Modi commended both the beneficiaries and those who contributed to the initiative’s success. In a post on X, PM Modi hailed the occasion as a 'momentous event' and praised the scheme for its role in enhancing financial stability for millions."Today marks a decade of Jan Dhan. Congratulations to all beneficiaries and thanks to everyone who helped make this scheme a success", the Prime Minister wrote.
PM Modi highlighted the scheme’s crucial role in "enhancing financial inclusion and providing dignity to countless individuals, especially women, youth, and marginalized communities". According to the scheme’s official website, PMJDY has reached 53.13 crore beneficiaries, with total account balances amounting to Rs 2,31,235.97 crore. Additionally, 11.59 lakh 'Bank Mitras' are delivering branchless banking services nationwide.
In a statement marking the anniversary, the Government of India praised PMJDY for its transformative impact, noting, “Under PM Narendra Modi's leadership, this initiative has redefined financial inclusion in India, bringing millions into the banking system.”
The PMJDY, a National Mission on Financial Inclusion, aims to ensure universal access to banking services, providing at least one basic account per household, financial literacy, and access to credit, insurance, and pension facilities.
A notable feature of the scheme is its provision for opening bank accounts with no minimum balance. Beneficiaries also receive a RuPay Debit card with a Rs 1 lakh accident insurance cover. The scheme also facilitates the direct transfer of government benefits into beneficiaries' accounts, supporting the Direct Benefits Transfer (DBT) system.
To overcome technological challenges like poor connectivity, the scheme is integrating mobile transactions through telecom operators and their centers as cash-out points. Additionally, efforts are underway to involve the youth in this program, aiming to broaden its reach and impact.
The 10th anniversary of PMJDY highlights a decade of achievements in financial inclusion, demonstrating its success in integrating millions into the formal banking sector and improving their financial stability.