• The Pradhan Mantri Jan Dhan Yojana (PMJDY) completed 11 years of its implementation on August 28.

• PMJDY, the National Mission for Financial Inclusion, continuously endeavours to provide support to the marginalised and economically backward sections through its financial inclusion interventions.

• Over the last 11 years, more than 56 crore Jan Dhan accounts have been opened, garnering a total deposit balance of Rs 2.68 lakh crore. 

• Prime Minister Narendra Modi said the scheme has given people the power to script their own destiny and asserted that when the last mile is financially connected, the entire nation moves forward together.

Pradhan Mantri Jan Dhan Yojana (PMJDY)

• With a view to increase banking penetration, promote financial inclusion and to provide at least one bank account per household across the country, a National Mission on Financial Inclusion, known as Pradhan Mantri Jan Dhan Yojana (PMJDY), was announced on August 15, 2014. 

• The scheme was formally launched on August 28, 2014 at national level by PM Modi.

• In order to give impetus to financial inclusion initiatives of the government, PMJDY scheme was extended with the focus on opening of accounts shifting from “every household” to “every unbanked adult”. 

How does PMJDY help in financial inclusion?

• PMJDY has been successful in increasing banking penetration and to promote financial inclusion across the country.

• In the Indian context, financial inclusion is the process of ensuring access to appropriate financial products and services needed by vulnerable groups, such as weaker sections and low income groups, at an affordable cost in a fair and transparent manner by mainstream institutional players. 

• Financial inclusion is a national priority of the government as it is an enabler for inclusive growth. It provides an avenue to the poor for bringing their savings into the formal financial system, an avenue to remit money to their families in villages besides taking them out of the clutches of the usurious money lenders. 

• Jan Dhan Yojana is one of the biggest financial inclusion initiatives in the world.

• Census 2011 estimated that out of 24.67 crore households in the country, only 14.48 crore (58.7 per cent) had access to banking services. 

• In the first phase of the scheme, these households were targeted for inclusion through opening of a bank account within a year of launch of the scheme.

• Notably, there are no account opening fees or maintenance charges and no requirement to maintain a minimum balance under this scheme.

Basic tenets of the scheme:

i) Banking the Unbanked: Opening of basic savings bank deposit accounts with minimal paperwork, relaxed KYC, e-KYC, account opening in camp mode, zero balance and zero charge.

ii) Securing the Unsecured: Issuance of indigenous debit cards for cash withdrawals and payments at merchant locations, with free accident insurance coverage of Rs 2 lakh.

iii) Funding the Unfunded: Other financial products like micro-insurance, overdraft for consumption, micro-pension & micro-credit.

Features of PMJDY accounts:

• There is no restriction of balances or amount of transactions in fully KYC compliant PMJDY accounts. It is a basic savings bank deposit (BSBD) account. 

• Transactions can be done through bank branches, ATMs/CDMs. 

• Receipt/credit of money through any electronic channel or by means of deposit /collection of cheques drawn by central/state government agencies and departments.

• No limit on the number and value of deposits that can be made in a month.

• Minimum of four free withdrawals in a month, including ATM withdrawals at any ATM including Metro ATMs. Subsequent withdrawals may be charged by banks.

• Free RuPay debit card with inbuilt accident insurance coverage of Rs 2 lakh.

Achievements under PMJDY

• PMJDY has been the foundation stone for people-centric economic initiatives. Whether it is direct benefit transfers, COVID-19 financial assistance, PM-KISAN, increased wages under MGNREGA, life and health insurance cover, the first step of all these initiatives is to provide every adult with a bank account, which PMJDY has nearly completed. 

• The PMJDY accounts have not only been instrumental in receiving Direct Benefit Transfers, but also serve as a platform for hassle-free subsidies/payments made by government to the intended beneficiary without any middlemen, seamless transactions, and savings accumulation.

• It has been crucial in providing life and accident insurance to millions of unorganised sector workers through Jan Suraksha schemes (micro insurance schemes).

• Over 56.16 crore bank accounts have been opened under PMJDY, with total deposits reaching Rs 2.67 lakh crore as of mid-August 2025.

• About 33 per cent of Jan Dhan accounts have been opened in urban/metro areas while 67 per cent opened in rural/semi-urban areas.

• About 56 per cent of Jan Dhan accounts belong to women, highlighting the scheme’s role in promoting gender equality in financial access. Women, especially in the unorganised sector, have benefited from access to social security and credit schemes. 

• A total of 38.68 crore RuPay debit cards have been issued to PMJDY account holders, facilitating cashless transactions and providing access to the inbuilt accident insurance cover.

• PMJDY has been a cornerstone of India’s digital payment revolution. RuPay cards have driven cashless transactions. India now leads in global real-time payments, with PMJDY playing a critical role in bringing millions into the formal banking system.

(The author is a trainer for Civil Services aspirants.)