A Decade of Financial Transformation: The Impact of Pradhan Mantri Jan Dhan Yojana

Pradhan Mantri Jan Dhan Yojana (PMJDY), initiated by Prime Minister Modi in 2014, has significantly enhanced financial inclusion in India. Over a decade, it has integrated 53 crore people into the formal banking system, with 67% of accounts in rural or semi-urban areas and 55% opened by women.

On Wednesday, Finance Minister Nirmala Sitharaman spotlighted Pradhan Mantri Jan Dhan Yojana (PMJDY) as the world's largest financial inclusion initiative, integrating the economically marginalized into the mainstream.

Over its decade-long implementation, PMJDY has brought 53 crore people into the formal banking system, fostering community development through inclusive financial services. The initiative has successfully amassed Rs 2.3 lakh crore in deposits and issued 36 crore RuPay cards with accident insurance cover, free of cost.

Highlighting its rural impact, Sitharaman noted that 67% of these accounts are in rural or semi-urban areas, and 55% are held by women, showcasing the scheme's pivotal role in empowering economically backward and marginalized sectors.

(With inputs from agencies.)