Prime Minister Narendra Modi marked a significant milestone today as the Pradhan Mantri Jan Dhan Yojana (PMJDY) completed a decade since its launch. The ambitious financial inclusion program has transformed the lives of millions of Indians, particularly women, by providing them access to formal banking services.
A Vision for Inclusive Banking
When Prime Minister Modi assumed office in 2014, he recognized the urgent need to bridge the gap between the privileged and the underserved. Access to banking services was a distant dream for nearly half of Indian households. The situation was particularly dire for women, who faced multiple barriers in accessing financial institutions.
In a post on the social media platform LinkedIn, Modi reflected on the significance of the Jan Dhan Yojana. He wrote, “For me, this initiative was more than just a policy – it was an endeavor to build an India where each and every citizen, irrespective of economic background, has access to the formal banking apparatus.”
The Jan Dhan Yojana’s Remarkable Journey
The success of the Jan Dhan Yojana can be measured in two ways:
- Impressive Numbers:
- Over 53 crore people, who never imagined they would enter a bank, now have bank accounts.
- These accounts hold a deposit balance of over Rs 2.3 lakh crore.
- More than 65% of these accounts are in rural or semi-urban areas, extending financial inclusion beyond the metros.
- Direct transfers worth almost Rs 39 lakh crore have taken place through these accounts.
- Empowering Women:
- The Jan Dhan Yojana has been a game-changer for women’s empowerment.
- Almost 30 crore women have been brought into the banking system.
- These women now have access to financial services, credit, and savings opportunities.
- The impact extends beyond individual women to their families and communities.
A Landmark Achievement
Notably, the number of beneficiaries of the PMJDY has crossed the 53 crore mark since its inception on August 28, 2014. Out of these, an impressive 55.6% are women. This amounts to more than 30 crore women – a figure close to the entire population of the United States1
As India celebrates a decade of financial inclusion through the Jan Dhan Yojana, it is clear that this initiative has transformed lives, empowered women, and paved the way for a more inclusive and equitable society.
