The Pradhan Mantri Jan Dhan Yojana (PMJDY), the national mission for financial inclusion, which has brought over 50 crore people into the formal banking system since its inception in 2014, completes nine years of successful implementation on Monday.

The PMJDY was announced by Prime Minister Narendra Modi in his Independence Day address on 15 August 2014. While launching the programme on 28 August 2014, the PM had described the occasion as a festival to celebrate the liberation of the poor from a vicious cycle.

A government press note today said that being one of the biggest financial inclusion initiatives in the world, the Ministry of Finance continuously endeavours to provide financial inclusiveness and support to the marginalised and economically backward sections through its financial inclusion led interventions. Financial Inclusion (FI) promotes equitable and inclusive growth as well as delivery of financial services at an affordable cost to vulnerable groups such as low-income groups and weaker sections that lack access to basic banking services.

Financial Inclusion also brings savings of the poor into the formal financial system and provides an avenue to remit money to their families in villages besides taking them out of the clutches of the usurious money lenders.

On the 9th anniversary of PMJDY, Union Finance Minister Nirmala Sitharaman, in her message said, “The 9 years of PMJDY-led interventions and digital transformation have revolutionised financial inclusion in India.  It is heartening to note that more than 50 crore people have been brought into the formal banking system through the opening of Jan Dhan Accounts. Among these accounts, approximately 55.5% belong to women, and 67% have been opened in Rural/Semi-Urban areas. The cumulative deposits in these accounts surpass Rs 2 lakh crore. Furthermore, about 34 crore RuPay cards have been issued to these accounts without charge, which also provides for a Rs 2 lakh accident insurance cover.”

She said: “With the collaborative efforts of stakeholders, banks, insurance companies, and government officials, the PMJDY stands out as a pivotal initiative, changing the landscape of financial inclusion in the country as envisioned by Hon’ble Prime Minister Narendra Modi.”

PMJDY is a national mission for financial Inclusion to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.

Its objectives include ensuring access of financial products & services at an affordable cost; using technology to lower cost and widen reach.