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 ₹2 lakh crore. Furthermore, about 34 crore RuPay cards have been issued to these accounts without charge, which also provides for a ₹2 lakh accident insurance cover.”
“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,” Sitharaman said. Union Minister of State for Finance Dr. Bhagwat Kisanrao Karad also expressed his thoughts for PMJDY on this occasion. He said, “PMJDY scheme has reduced financial untouchability by bringing the marginalised sections of the society into the ambit of formal banking. By providing access to banking facilities to vulnerable sections of the society, facilitating access to availability of credit, providing insurance and pension coverage and creating financial awareness, the outcomes of the scheme are far reaching and have a multiplier effect on the economy. Further, Jan Dhan–Aadhaar–Mobile (JAM) architecture has enabled successful transfer of Government benefits in the accounts of common man seamlessly. PMJDY accounts have become fulcrum of people-centric initiatives like DBT and has contributed towards inclusive growth of all sections of the society, especially the underprivileged.” As we complete 9 years of successful implementation of this Scheme, we take a look at the major aspects and achievements of this Scheme so far.
