PMJDY Surpasses 560 Million Accounts in 11 Years

PMJDY Crosses 560 Million Accounts in 11 Years

Why in the News ?

The Pradhan Mantri Jan Dhan Yojana (PMJDY), launched in 2014, has completed 11 years, achieving over 560 million bank accounts with deposits exceeding ₹2.68 lakh crore. It is the world’s largest financial inclusion scheme, empowering rural poor, women, and underserved communities through banking, credit, and digital facilities.

PMJDY Surpasses 560 Million Accounts in 11 Years

Achievements and Current Status:

  • Scale:
  • Over 560 million accounts opened in 11 years.
  • Deposits exceed ₹2.68 lakh crore.
  • Average deposit per account: ₹4,768 (as of Aug 13, 2025).
  • RuPay Card Usage:
  • More than 380 million RuPay cards issued.
  • Promotes digital payments and financial security.
  • Government’s View:
  • PM Modi: PMJDY has enhanced dignity, empowerment, and financial independence.
  • FM Nirmala Sitharaman: Scheme is a driver of economic growth and development by enabling the poor to benefit from the economy.

Significance and Impact on Financial Inclusion:

  • Financial Inclusion:
  • Brought underserved populations in remote areas into formal banking.
  • Strengthened credit delivery and boosted savings culture.
  • Social Security:
  • Enabled poor households to access subsidies, pensions, insurance, and DBT directly.
  • Reduced leakages and middlemen exploitation.
  • Digital Transformation:
  • Pushed India towards a cashless economy via RuPay cards and UPI-linked accounts.
  • Long-term Impact:
  • Strengthens the financial ecosystem.
  • Acts as a safety net for vulnerable households in times of crisis.
  • Contributes to the vision of inclusive and sustainable growth.

PMJDY: Key Features

●       Launch: August 28, 2014 by Prime Minister Narendra Modi.

●       Objective: Provide universal access to banking and bring every household into the formal financial system.

●       Account Type: Basic Savings Bank Deposit Account (BSBDA) – zero balance, no maintenance charges.

●      Benefits:

○        Free RuPay debit card with ₹2 lakh accident insurance cover.

○        Overdraft facility up to ₹10,000 for emergencies.

○       Direct Benefit Transfer (DBT) channel for subsidies and government schemes.

●      Inclusivity:

○        67% accounts in rural/semi-urban areas.

○        56% accounts opened by women.