Indian Economy News

The number of Jan Dhan accounts have crossed 50 crore

The Pradhan Mantri Jan Dhan Yojana (PMJDY), often known as the national mission on financial inclusion, was introduced on August 28, 2014, and has already been operational for nearly nine years. As of August 9, 2023, there were more than 50 crore Jan Dhan accounts in existence, according to the most recent figures provided by the banks.

Over 67% of these accounts were opened in rural or semi-urban areas, and 56% of them belong to women. Over Rs. 2.03 lakh crore (US$ 24 billion) has been deposited in these accounts, and approximately 34 crore free RuPay cards have been issued in these accounts. More than 5.5 lakh PMJDY accounts are receiving direct benefit transfer (DBT) benefits, and the average balance in these accounts is Rs. 4,076 (US$ 49.05).

The PMJDY scheme has been successful in altering the nation's financial environment and has pushed adult bank account numbers close to saturation. The success of PMJDY is attributed to its holistic design, which aims to use technology, cooperation, and innovation to bridge the last mile between informal banking and the formal banking system.

PMJDY offers account customers a number of benefits, including a bank account without a minimum balance requirement, free RuPay debit cards with inbuilt accident insurance of Rs. 2 lakh (US$ 2,406.68), and overdraft capability of up to Rs. 10,000 (US$ 120.33).

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.