Finance Minister Nirmala Sitharaman discussed the adjustments that have been made by the Pradhan Mantri Jan Dhan Yojana (PMJDY) during the course of its nine-year lifespan. According to the finance minister, the country’s financial inclusion has undergone a revolution as a result of the Jan Dhan Yojana and digital development. He claimed that as a result, more than 50 crore people who had deposits totaling more than two lakh crore rupees were brought into the formal banking system.
One of the largest initiatives towards financial inclusion
The Finance Minister reported that 55.5% of bank accounts were established by women on the ninth anniversary of the Pradhan Mantri Jan Dhan Yojana (PMJDY). In addition, accounts were opened in rural and semi-urban areas in 67 percent of cases. It is one of the world’s largest initiatives for financial inclusion. In this programme, there were 14.72 crore bank accounts in March 2015 and 50.09 crore by 16 August 2023, an increase of 3.4 times.
More than 2.03 lakh crores in total
Additionally, by August 2023, there will be more than Rs 2.03 lakh crores in total deposits, up from Rs 15,670 crores in March 2015. According to Sitharaman, there has been a revolution in financial inclusion in the nation over the past nine years. Thanks to the adjustments and digital transformation brought about by PMJDY. PMJDY became a landmark program to alter the landscape of financial inclusion in the nation thanks to the cooperative efforts of stakeholders, banks, insurance firms, and government authorities.
On August 28, 2014, the Pradhan Mantri Jan Dhan Yojana (PMJDY),
the nation’s initiative to promote financial inclusion was introduced. It has been successful in altering the nation’s financial situation. PMJDY provides account holders with a number of advantages. A minimum balance in the account is not necessary. Services like a free Rupay debit card. 2 lakh rupees in accident insurance, and an overdraft facility of up to 10,000 rupees are also included in this.
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