The Pradhan Mantri Jan Dhan Yojana (PMJDY), which has become the nation’s biggest symbol of financial revolution, has achieved a new milestone. Union Finance Minister Nirmala Sitharaman announced on Monday that the country’s Jan Dhan accounts have crossed the 580 million (58 crore) mark. According to information shared by the Finance Minister’s office on the social media platform ‘X’, these accounts have not only connected crores of underprivileged Indians to the country’s formal banking system but have also positioned India as a role model in the fight against poverty and deprivation globally.
94% of adults now have their own bank account
Launched on August 28, 2014, this scheme has become one of the world’s largest financial inclusion initiatives. Its success can be gauged from the fact that 94 per cent of India’s adult population currently has a bank account. The most significant aspect of this scheme is its empowerment of women and the participation of rural India. Women represent 56 per cent of total Jan Dhan account holders, while 67 per cent of accounts have been opened in rural and semi-urban areas. This has directly empowered the poor living in remote areas of the country to participate in the digital revolution.
Eliminated corruption
Finance Minister Nirmala Sitharaman stated that Jan Dhan accounts have completely eliminated corruption and middlemen from the country. Through Direct Benefit Transfer (DBT), a record Rs 45 lakh crore in welfare schemes has been transferred directly to beneficiaries’ bank accounts, with no leakage. Now, government assistance, low-cost insurance, and pension funds are reaching the poor directly without any deductions.
Facilities available with Jan Dhan Account
- Zero Balance Facility: No hassle of maintaining a minimum balance to keep the account active.
- Free RuPay Debit Card: Through which digital transactions can be done anywhere in the country.
- Free Accidental Insurance: Account holders get inbuilt accidental insurance cover with the RuPay card.
- Overdraft Facility: A facility to withdraw overdraft (loan) up to Rs 10,000 from the account in times of crisis.
