The Pradhan Mantri Jan Dhan Yojana (PMJDY), India’s flagship financial inclusion programme, has completed 11 successful years, reshaping the nation’s financial ecosystem and bridging the gap between the formal banking sector and underprivileged citizens. Launched on 28th August 2014 by Prime Minister Narendra Modi, the scheme was envisioned as a National Mission for Financial Inclusion, aimed at ensuring access to financial services such as basic savings accounts, credit facilities, insurance, pensions, and remittance services to every Indian household.

Over the past decade, the scheme has achieved unprecedented milestones. According to Finance Minister Nirmala Sitharaman, more than 56 crore Jan Dhan accounts have been opened, holding a cumulative deposit balance of Rs. 2.68 lakh crore (US$ 30.59 billion). Significantly, 67% of these accounts belong to individuals in rural and semi-urban areas, ensuring deeper penetration in regions that were historically excluded from formal financial systems. Furthermore, 56% of Jan Dhan accounts are held by women, highlighting the scheme’s role in empowering women financially and fostering inclusive growth.

One of the key achievements of PMJDY is the issuance of more than 38 crore RuPay debit cards, offered free of cost. These cards not only facilitate digital transactions, thereby promoting a cashless economy, but also provide an accidental insurance cover of Rs. 2 lakh (US$ 2,284). This added layer of social security ensures that vulnerable groups benefit not just from financial access, but also from risk protection mechanisms.

Another cornerstone of the scheme has been the Jan Dhan-Aadhaar-Mobile (JAM) trinity, which has revolutionised direct benefit transfers (DBT). This digital infrastructure has significantly reduced leakages, pilferage, and corruption in subsidy delivery. In FY25 alone, Rs. 6.9 lakh crore (US$ 78.76 billion) was directly transferred into beneficiaries’ bank accounts under various DBT-linked schemes. This seamless mechanism has strengthened trust in government programmes and ensured timely delivery of welfare benefits.

According to Minister of State for Finance Pankaj Chaudhary, PMJDY stands as one of the world’s most successful financial inclusion initiatives. He emphasised that the scheme has not only connected millions to formal banking but has also empowered people with dignity, financial literacy, and opportunities for growth.

Currently, the government is running a saturation campaign (July 1 – September 30, 2025) to ensure maximum reach of the scheme. As part of this drive, banks are conducting financial inclusion camps in 2.7 lakh Gram Panchayats across India. These camps are focused on opening new accounts, updating KYC details, and spreading awareness about micro-insurance and pension schemes, thus strengthening the financial ecosystem at the grassroots level.

The impact of PMJDY extends beyond banking access. It has served as a gateway for several other financial services including PM Suraksha Bima Yojana, PM Jeevan Jyoti Bima Yojana, and Atal Pension Yojana, thereby broadening the net of social security. The zero-balance account feature has made it accessible for the poorest sections, while technological integration has empowered them to engage in digital payments and mobile banking.

From a macroeconomic perspective, the mobilisation of deposits under PMJDY has strengthened India’s financial system. The surge in account ownership has also encouraged financial literacy, enhanced credit accessibility, and helped expand the reach of microfinance and small savings schemes. Moreover, the increased participation of women has significantly contributed to the overall objective of gender-inclusive development.

The success of PMJDY is also evident in international recognition. Global institutions and development experts have acknowledged India’s efforts in creating one of the largest financial inclusion networks in the world. The model has been cited as an inspiration for several developing nations that aim to achieve similar goals of bridging economic disparity through universal banking access.

Despite the immense progress, challenges remain in ensuring account activity and reducing the number of dormant accounts. The government and financial institutions are working towards enhanced digital literacy, better customer service, and innovative financial products to keep accounts active and relevant for beneficiaries.

As PMJDY celebrates its 11th anniversary in 2025, it continues to stand as a symbol of inclusive growth, digital empowerment, and social transformation. With ongoing government efforts, saturation campaigns, and digital innovations, the scheme is poised to further strengthen India’s march towards a financially inclusive society where every citizen has access to the tools of economic empowerment.

The journey of PMJDY reflects not only a policy success but also a transformational shift in India’s socio-economic fabric. It represents the government’s commitment to ensuring financial dignity for all, particularly the poor, women, and those living in remote areas. Looking ahead, the mission of PMJDY is not just to provide bank accounts, but to pave the way for comprehensive financial empowerment, ensuring that no citizen is left behind in India’s growth story.

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