Pradhan Mantri Jan Dhan Yojana Boosts Financial Inclusion For Women, Rural & Marginalised Populations

New Delhi: The Pradhan Mantri Jan Dhan Yojana (PMJDY) has, in the last decade, had a transformative impact in India that redefined financial inclusion for women, rural, and marginalised populations, according to Tuhin A Sinha, a national spokesperson of the BJP.

In a media article, Sinha discussed how PMJDY has become a cornerstone of India’s socio-economic transformation, setting a global benchmark by revolutionising access to banking for all. Launched in August 2014 by Prime Minister Narendra Modi, the PMJDY scheme aimed to bring every unbanked household into the formal financial system.

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PM Modi described the scheme as a “festival to celebrate the liberation of the poor from a vicious cycle". In the last 10 years, it has “enabled seamless government transfers, empowered marginalised communities, and laid the foundation for India’s digital financial ecosystem”, Sinha said.

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“The initiative’s positive impact has extended way beyond initial expectations and provided an apt benchmark for the world in financial inclusion,” he added. Calling PMJDY’s target of providing universal banking access "audacious”, he credited the scheme’s design, such as zero-balance accounts, minimal paperwork, and free RuPay debit cards with accident insurance for increasing access to the poorest. Further, Sinha stated that the scheme’s particular focus on financial inclusion of women, rural populations, and marginalised communities set a new standard.

PMJDY bridged gender and regional disparities, and its consent-based integration with Aadhaar and mobile numbers created a robust framework for financial access. The model also inspired countries in Africa and South Asia to adopt similar models through India’s Global DPI Repository.

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“PMJDY’s performance over the past 10 years is a testament to its transformative impact,” Sinha said. Sharing the staggering growth trajectory, Sinha said that from 17.9 crore PMJDY accounts in August 2015, the number tripled to 50.14 crore by August 2023. Only 8.2 per cent of accounts are zero-balance, indicating active usage, with 81.2 per cent operative as of August 2022.

Deposits have also grown 7.6 times between 2015 and 2022, reflecting increased financial engagement. The scheme’s outreach to rural areas (67 per cent of accounts) and women (55.5 per cent) underscores its inclusivity. Similarly, driven by RuPay cards and UPI, the digital transactions also skyrocketed -- from 1,471 crore in FY 2017-18, to 11,394 crore by FY 2022-23. RuPay card transactions at PoS and e-commerce increased from 67 crore in FY 2017-18 to 126 crore in FY 2022-23, while UPI transactions surged from 92 crore to 8,371 crore in the same period.

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