Expressing happiness over the completion of seven years of his government’s flagship PM Jan Dhan Yojana, Prime Minister Narendra Modi on Saturday termed it ‘an initiative that forever transformed India’s development trajectory.

The scheme was launched on this day in 2014 with the objective of providing universal access to banking facilities to people across the country. Under the scheme, bank accounts are being opened with minimal paperwork and zero balance.

In a series of tweets, the Prime Minister said, “Today we mark seven years of #PMJanDhan, an initiative that has forever transformed India’s development trajectory. It has ensured financial inclusion and a life of dignity as well as empowerment for countless Indians. Jan Dhan Yojana has also helped further transparency.’

‘I would like to applaud the untiring efforts of all those who have worked to make #PMJanDhan a success. Their efforts have ensured the people of India lead a better quality of life,” Modi further tweeted.

Under the PMJDY, indigenous debit cards are being issued for cash withdrawal and payment at merchant locations with free accident insurance coverage of two lakh rupees. Other financial facilities including micro-insurance, overdraft for consumption and micro-pension are also being offered.

Considered one of the biggest financial inclusion schemes in the world, the Pradhan Mantri Jan Dhan Yojna has made remarkable progress in providing banking and other financial services to the marginalized and poor sections of society.

The scheme seeks to not only help the poor in bringing their savings into the formal financial system but also provide an avenue to remit money to their families in villages besides taking them out of the clutches of local money lenders.

More than 43 crores four lakh bank accounts have been opened with over 1 lakh 46 thousand crore rupees balance in the beneficiaries’ accounts. Over 31 crore Rupay Debit Cards have been issued to beneficiaries. A large number of Pradhan Mantri Jan Dhan Yojana account holders are also receiving direct benefit transfers from the government under various welfare schemes, according to a government note.