10 Years of PMJDY: World's Largest Financial Inclusion Programme

The Pradhan Mantri Jan Dhan Yojana (PMJDY), the world's largest financial inclusion initiative, marks ten years of successful implementation today. Launched by Prime Minister Narendra Modi on 28 August 2014, the scheme has played a crucial role in integrating marginalised communities into India's economic mainstream.

How PMJDY Transformed Financial Inclusion in India

On this occasion, Union Finance Minister Nirmala Sitharaman praised PMJDY's achievements, stating, “Universal and affordable access to formal banking services is essential for financial inclusion and empowerment. By integrating the poor into the economic mainstream, PMJDY has played a crucial role in the development of marginalised communities.”

Key Milestones and Impact of PMJDY

Since its inception, PMJDY has successfully banked over 53.14 crore beneficiaries, amassing deposit balances totalling ₹2.31 lakh crore. The number of accounts has grown 3.6-fold since March 2015, with 55.6% of account holders being women, and 66.6% of the accounts located in rural and semi-urban areas.

The scheme has also provided financial empowerment by issuing 36.14 crore RuPay debit cards, offering a built-in accident insurance cover of ₹2 lakh. This has significantly boosted digital transactions, as the use of RuPay cards and digital payments has seen substantial growth over the last decade.

PMJDY: A Catalyst for Digital India

Sitharaman highlighted the importance of the Jan Dhan-Mobile-Aadhaar (JAM) trinity, which has formed the backbone of a transparent and efficient financial ecosystem. This consent-based system has enabled swift transfers of government welfare schemes to eligible beneficiaries, eliminating intermediaries and streamlining digital payments.

“The consent-based pipeline created through the linking of Jan Dhan-Mobile-Aadhaar has been one of the most important pillars of financial inclusion. It has enabled transparent transfers of welfare schemes and promoted digital payments,” Sitharaman said.

PMJDY: A Movement Towards Financial Security

Union Minister of State for Finance, Pankaj Chaudhary, described PMJDY as a “transformation movement,” noting that it has empowered previously unbanked populations and instilled a sense of financial security across the country. He added, “PMJDY has provided individuals access to credit, insurance, and pension schemes, laying the foundation for financial independence.”

Chaudhary also highlighted the government’s success in increasing insurance and pension coverage, thanks to nationwide saturation drives. He described PMJDY as a "game changer for financial inclusion in India."

Empowering the Last Mile Through PMJDY

The government’s Direct Benefit Transfer (DBT) initiative, implemented via PMJDY accounts, has been instrumental in delivering subsidies, social benefits, and life insurance to millions in the unorganised sector. The JAM trinity has ensured subsidies reach beneficiaries without delays or middlemen, enhancing financial security for the most vulnerable.

How PMJDY Fueled Digital Payment Growth

The introduction of mobile-based payment systems, such as the Unified Payments Interface (UPI), has significantly boosted the country’s digital financial infrastructure. The number of digital transactions skyrocketed from 2,338 crore in 2018-19 to 16,443 crore in 2023-24. Likewise, RuPay card transactions at Point-of-Sale (PoS) and e-commerce platforms have surged, reflecting India’s growing digital payment ecosystem.

A Decade of Transformation and Financial Inclusion

As PMJDY completes a decade, it stands as a transformational force in India's banking and financial landscape. Its emphasis on inclusive growth, digital innovation, and seamless financial access for the marginalised has shifted India’s approach to financial inclusion.

With 53 crore accounts, a robust deposit base, and a rapidly growing digital payment infrastructure, PMJDY continues to revolutionise financial inclusion in India, demonstrating the government's commitment to ensuring that even the last mile is connected to formal banking services.