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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.

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.