Finance Minister Nirmala Sitharaman.
New Delhi:
Finance Minister Nirmala Sitharaman said on Monday that the changes brought about by Jan Dhan Yojana and digital transformation have revolutionized financial inclusion in the country. He said that this brought more than 50 crore people into the formal banking system, with accumulated deposits of more than two lakh crore rupees. On the ninth anniversary of Pradhan Mantri Jan Dhan Yojana (PMJDY), Sitharaman said that 55.5 per cent bank accounts have been opened by women and 67 per cent accounts have been opened in rural/semi-urban areas.
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The scheme is the world’s largest financial inclusion initiative. The number of bank accounts under the scheme has increased 3.4 times from 14.72 crore in March 2015 to 50.09 crore by 16 August 2023. Total deposits also increased by March 2015 to Rs. 15,670 crore by August 2023 to Rs. 2.03 lakh crore has gone over.
Revolutionized by digital transformation
Sitharaman said, “The changes brought about by PMJDY and digital transformation have revolutionized financial inclusion in India in nine years. With the collaborative efforts of stakeholders, banks, insurance companies and government officials, PMJDY has emerged as an important initiative to change the landscape of financial inclusion in the country…”
Enables successful transfer of government benefits to accounts
Minister of State for Finance Bhagwat Karad said that Jan Dhan-Aadhaar-Mobile (JAM) has enabled successful transfer of government benefits to the common man’s account. Karad said, “PMJDY accounts have become the backbone of people-centric initiatives like Direct Benefit Transfer (DBT). It has contributed to the inclusive development of all sections of the society, especially the underprivileged.
The National Mission on Financial Inclusion i.e. Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched on 28 August 2014. It has succeeded in changing the financial scenario of the country.
PMJDY offers several benefits to account holders. There is no requirement to maintain a minimum balance in the account. Apart from this, services such as free rupee debit card, accident insurance of Rs 2 lakh and overdraft facility up to Rs 10,000 are included in this.