The Pradhan Mantri Jan Dhan Yojana (PMJDY), one of the largest financial inclusion initiatives launched by Prime Minister Narendra Modi, completed a decade of successful implementation on Wednesday.

In the last 10 years, as of August 14, 2024, the total number of PMJDY accounts stands at 53.13 crore with 55.6% (29.56 crore) Jan-Dhan account holders being women and 66.6% (35.37 crore) in rural and semi-urban areas.

Further, the total deposit balances under PMJDY accounts stand at Rs 2,31,236 crore. Deposits have increased about 15 times with an increase in accounts 3.6 times till August 2024 since August 2015, the Ministry of Finance highlighted.

Speaking on the 10 years of the scheme, Union Finance Minister Nirmala Sitharaman said, “Universal and affordable access to formal banking services is essential for achieving financial inclusion and empowerment. It integrates the poor into the economic mainstream and plays a crucial role in the development of marginalised communities.”

“By providing universal, affordable, and formal financial services — including bank accounts, small savings schemes, insurance, and credit — to the previously unbanked, PM Jan Dhan Yojana has transformed the banking and financial landscape of the country over the last decade,” the finance minister said.

“The success of the initiative is reflected in 53 crore people having been brought into the formal banking system through the opening of Jan Dhan accounts. These bank accounts have garnered a deposit balance of Rs. 2.3 lakh crore, and resulted in the issuance of over 36 crore free-of-cost RuPay cards, which also provide for a ₹2 lakh accident insurance cover. Notably, there are no account opening fees or maintenance charges and no requirement to maintain a minimum balance,” Sitharaman added.

She also highlighted that it is heartening to note that 67% of the accounts have been opened in rural or semi-urban areas, and 55% of accounts have been opened by women.

In terms of the average deposit per account, the ministry data said it stands at Rs 4,352 as of 14.08.2024.

The average deposit per account has increased four times over August 15. An increase in the average deposit is another indication of increased usage of accounts and inculcation of saving habits among account holders.

The Jan-Dhan Aadhaar and mobile (JAM) trinity, with the PMJDY as one of its pillars, has proven to be a diversion-proof subsidy delivery mechanism.

Through JAM, under Direct Benefit Transfer, the government has successfully transferred subsidies and social benefits directly into the bank accounts of the underprivileged.