Foundations laid by PMJDY strong, have even more work to do, says Prime Minister Mr. Narendra Modi

On the 10th anniversary of the Pradhan Mantri Jan Dhan Yojana (PMJDY), Prime Minister Mr. Narendra Modi reaffirmed his government's commitment to building on the scheme's success to create a 'Viksit Bharat'. In his LinkedIn post, he emphasized the strength of the foundations laid by PMJDY but acknowledged that more work remains to be done. He praised the life-changing impact of the scheme, which has empowered over 531 million beneficiaries as of August 14, 2024, with total deposits exceeding US$ 27.40 billion (Rs. 2.3 trillion). Notably, nearly 300 million beneficiaries are women, and over 65% of the accounts are in rural or semi-urban areas, extending financial inclusion beyond metropolitan regions. He also acknowledged the relentless efforts of banking staff in making financial inclusion a reality for millions of Indians.

Reflecting on the progress made since the scheme's inception, he highlighted the significant challenges faced before 2014, when nearly half of Indian households lacked access to banking. He remarked on the transformation brought about by PMJDY, which has increased the average balance per account from US$ 12.69 (Rs. 1,065) in March 2015 to US$ 51.85 (Rs. 4,352) as of August 16, 2024, with roughly 80% of these accounts currently active. He also stressed the scheme's positive impact on SC, ST, OBC families, and the middle and neo-middle classes. He emphasized that Jan Dhan has become a critical pillar of the JAM Trinity. Jan Dhan, Aadhaar, and Mobile contribute to India's digital payments revolution and eliminate middlemen who exploit public funds. He underscored that this trinity has played a vital role in ensuring financial inclusion and driving India's economic transformation.

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