PMJDY has transformed financial inclusion: FM

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Pradhan Mantri Jan Dhan Yojana (PMJDY) has produced both transformational and directional change in financial inclusion, finance minister Nirmala Sitharaman said on the seventh anniversary of the scheme on Saturday.

“The journey of PMJDY-led interventions undertaken over a short span of seven years have in effect produced both transformational as well as directional change,” she said, adding that the scheme has made the emerging financial inclusion ecosystem capable of delivering financial services to the last person of the society — the poorest of the poor.

PMJDY was announced by Prime Minister Narendra Modi in his Independence Day address on August 15, 2014.

The finance ministry said in a statement that PMJDY accounts grew three-fold to 430.4 million on August 18 this year from 147.2 million in March 2015. Total deposit balances under the scheme accounts stood at ₹1,46,230 crore.

Around 86% of the total 430.4 million PMJDY accounts are operative. More than 430.4 million beneficiaries have banked under PMJDY since inception.

The finance minister said that the underlying pillars of PMJDY, namely, banking the unbanked, securing the unsecured and funding the unfunded, have made it possible to adopt multi-stakeholders’ collaborative approach while leveraging technology for serving the unserved and underserved areas as well.

The ministry’s statement said that under PM Garib Kalyan Yojana, a total of ₹30,945 crore was credited in accounts of women PMJDY account holders during the Covid-19-induced lockdown. It further said that about 51 million PMJDY account holders receive direct benefit transfer (DBT) from the government under various schemes.

“Financial inclusion is among top-most priorities of the government as it is an enabler for inclusive growth,” said minister of state for finance, Bhagwat Karad.

About 55% Jan-Dhan account holders are women and 67% Jan Dhan accounts are in rural and semi-urban areas. Around 312.3 million RuPay cards have been issued to PMJDY account holders, as per the statement issued by the finance ministry.

The average deposit per account is ₹3,398, an increase of more than 2.7 times since August 2015.

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