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Pradhan Mantri Jan Dhan Yojana Completes 9 Successful Years In India

PMJDY's major objective is to ensure access to financial products and services at an affordable cost. Also, the use of technology to lower cost and widen reach,

Parvathy Pillai
Image Courtesy: PIB
Image Courtesy: PIB

The Pradhan Mantri Jan Dhan Yojana (PMJDY) has successfully completed nine years today. PMJDY was launched by Prime Minister, Narendra Modi on August 28, 2014. It is a national mission that focuses on providing access to various financial services such as credit, remittance, insurance, pension, banking savings, and deposit accounts in an affordable manner.

Its major objective is to ensure access to financial products and services at an affordable cost. Also, the use of technology to lower cost and widen reach.

Pradhan Mantri Jan Dhan Yojana (PMJDY): Benefits

  • One basic savings bank account is opened for unbanked persons

  • There is no requirement to maintain any minimum balance in PMJDY accounts

  • Interest is earned on the deposit in PMJDY accounts

  • Rupay Debit card is provided to PMJDY account holder

  • Accident Insurance Cover of Rs.1 lakh (enhanced to Rs 2 lakh for new PMJDY accounts opened after 28.8.2018) is available with a RuPay card issued to the PMJDY account holders

  • An overdraft (OD) facility up to Rs 10,000 to eligible account holders is available

  • PMJDY accounts are eligible for Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Micro Units Development & Refinance Agency Bank (MUDRA) scheme.

Pradhan Mantri Jan Dhan Yojana (PMJDY): Approaches Adopted with Time

  • Accounts opened are online accounts in the core banking system of banks, in place of the earlier method of offline accounts opening with technology lock-in with the vendor

  • Inter-operability through RuPay debit card or Aadhaar-enabled Payment System (AePS)

  • Fixed-point Business Correspondents

  • Simplified KYC / e-KYC in place of complicated KYC formalities.

Impact of Pradhan Mantri Jan Dhan Yojana (PMJDY)

Whether it is COVID-19 financial assistance, direct benefit transfers, PM-KISAN, increased wages under MGNREGA, or life and health insurance coverage, the first step of all these initiatives is to provide every adult with a bank account, which has been successfully executed by PMJDY

One in 2 accounts opened between March 2014 to March 2020 was a PMJDY account. Within 10 days of the nationwide lockdown, more than 20 crore women's PMJDY accounts were credited with financial assistance of Rs 500 per month for three months through DBT in each woman's PMJDY account.

Direct Benefit Transfer (DBTs) via PMJDY accounts have ensured that every rupee reaches its intended beneficiary and prevents systemic leakage.

Lastly, PMJDY has brought the unbanked into the banking system, expanded the financial architecture of India, and brought financial inclusion to almost every adult.

Pradhan Mantri Jan Dhan Yojana (PMJDY): Achievements as of August 16, 2023

  • Total number of PMJDY accounts: 50.09 crore

  • Women Jan-Dhan account holders: 27.82 crore (55.6% of the total PMJDY accounts)

  • Jan-Dhan accounts in rural and semi-rural areas: 33.45 crore (66.7% of the total PMJDY accounts)

  • Total deposit balances under PMJDY Accounts: Rs 2,03,505 crore

  • Average deposit per account: Rs. 4,063

  • Total RuPay cards issued to PMJDY account holders: 33.98 crore


“The 9 years of PMJDY-led interventions and digital transformation have revolutionized financial inclusion in India.  It is heartening to note that more than 50 crore people have been brought into the formal banking system through the opening of Jan Dhan Accounts. Among these accounts, approximately 55.5% belong to women, and 67% have been opened in Rural / Semi-Urban areas. The cumulative deposits in these accounts surpass ₹2 lakh crore.  Furthermore, about 34 crore RuPay cards have been issued to these accounts without charge, which also provides for a ₹2 lakh accident insurance cover,” said Union Finance Minister Nirmala Sitharaman while commemorating the 9th anniversary of Pradhan Mantri Jan Dhan Yojana.

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