Jan Dhan Accounts Grow Threefold To 46.25 Crore Since Inception; Know Key Benefits

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Financial inclusion scheme Pradhan Mantri Jan Dhan Yojna (PMJDY) was launched by Prime Minister Narendra Modi on August 28, 2014. Since then, 46 crore bank accounts have been opened with a deposit balance of Rs 1.74 lakh crore. Its coverage has expanded to 67 per cent rural or semi-urban areas as well as 56 per cent of women Jan Dhan account holders. Here’s all about PMJDY:

“While launching the programme on August 28, the Prime Minister had described the occasion as a festival to celebrate the liberation of the poor from a vicious cycle,” according to an official statement released on Sunday (August 28, 2022).

“The finance ministry, through its financial inclusion-led interventions, is committed to provide financial inclusiveness and support to the marginalised and hitherto socio-economically neglected classes. Through Financial Inclusion (FI) we can achieve equitable and inclusive growth of the nation. Financial Inclusion stands for delivery of appropriate financial services at an affordable cost, on timely basis to vulnerable groups such as low-income groups and weaker sections who lack access to even the most basic banking services,” it added.

On the occasion 8th Anniversary of PMJDY on Sunday, Finance Minister Nirmala Sitharaman said, “”Financial inclusion is a major step towards inclusive growth which ensures the overall economic development of the marginalised sections of the society. The success of the PMJDY since August 28, 2014 is reflected in terms of opening of over 46 crore bank accounts with deposit balance of Rs 1.74 lakh crore with its expanded coverage to 67 per cent rural or semi-urban areas as well as 56 per cent of women Jan Dhan account holders.”

She added that the continuation of the PMJDY beyond 2018 saw a marked shift in approach to meet challenges and requirements of the emerging FI landscape in the country. There has been a shift in focus from “every household” to “every adult”, with added emphasis on the usage of accounts by enhancing direct benefits transfer (DBT) flows through these accounts, promoting digital payments through the use of RuPay cards, etc.

As on August 10, 2022, the number of total PMJDY Accounts were 46.25 crore; 55.59 per cent (25.71 crore) Jan-Dhan account holders are women and 66.79 per cent (30.89 crore) Jan Dhan accounts are in rural and semi-urban areas. During the first year of the scheme, 17.90 crore PMJDY accounts were opened.

“PMJDY accounts have grown three-fold from 14.72 crore in March 2015 to 46.25 crore as on August 10, 2022. Undoubtedly a remarkable journey for the financial inclusion programme,” according to the official statement.

About Pradhan Mantri Jan Dhan Yojana

PMJDY is a national mission for financial inclusion to ensure access to financial services, namely, banking/ savings and deposit accounts, remittance, credit, insurance and pension in an affordable manner.

The scheme was launched based upon the following 6 pillars:

1) Universal access to banking services — branch and banking correspondents;

2) Basic savings bank accounts with an overdraft facility of Rs 10,000 to every eligible adult;

3) Financial Literacy Programme – Promoting savings, use of ATMs, getting ready for credit, availing insurance and pensions, using basic mobile phones for banking;

4) Creation of Credit Guarantee Fund – To provide banks some guarantee against defaults;

5) Insurance – Accident cover up to Rs. 1,00,000 and life cover of Rs. 30,000 on account opened between August 15, 2014, and January 31, 2015; and

6) Pension scheme for the unorganised sector.


– 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 cumbersome KYC formalities

– Extension of PMJDY with New features – The Government decided to extend the comprehensive PMJDY programme beyond 28.8.2018 with some modifications

– Focus shift from ‘Every Household’ to Every Unbanked Adult’

– RuPay Card Insurance – Free accidental insurance cover on RuPay cards increased from Rs. 1 lakh to Rs. 2 lakh for PMJDY accounts opened after 28.8.2018.

– Enhancement in overdraft facilities: OD limit doubled from Rs 5,000 to Rs 10,000; OD up to Rs 2,000 (without conditions); an increase in upper age limit for OD from 60 to 65 years.

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