More than 50 crore accounts, over Rs 2 lakh crore in deposits: Key achievements of PMJDY scheme

Jan Dhan Yojana revolutionised financial inclusion in India, more than 50 crore bank a/cs opened: Nirmala Sitharaman

More than 50.09 crore accounts have been opened under the PM Jan Dhan Yojana in the last nine years and the deposit balance swelled to over Rs 2.03 lakh crore, the Finance Ministry said on August 28 via a release as the scheme completed nine years of successful implementation.

Also Read: Jan Dhan Yojana revolutionised financial inclusion in India, more than 50 crore bank a/cs opened: Nirmala Sitharaman

The Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched on August 28, 2014, with the aim to provide universal banking services through the opening of zero-balance bank accounts for every unbanked household, based on the guiding principles of banking the unbanked, securing the unsecured and funding the unfunded.

On the 9th anniversary of PMJDY, Union Finance Minister Smt. Nirmala Sitharaman, in her message said, “The 9 years of PMJDY-led interventions and digital transformation have revolutionised financial inclusion in India. It is heartening to note that more than 50 crore people have been brought into the formal banking system through the opening of Jan Dhan Accounts".

Also Read: Over 50 cr Jan Dhan accounts opened in past 9 years, total deposits cross Rs 2 lakh cr

Here are some of the key achievements of the scheme

Making banking accessible
As on August 9 the number of total Pradhan Mantri  Jan Dhan Yojana accounts stood at 50.09 crore according to a release by the Ministry of Finance. The release also stated that 55.6 percent (27.82 crore) Jan-Dhan account holders are women and 66.7 percent (33.45 crore) Jan Dhan accounts are in rural and semi-urban areas thus the scheme has introduced banking to more and more people

Tracing the progress of the scheme, during the first year of the scheme 17.90 crore PMJDY accounts were opened, as of August 2023 the number of PMJDY Accounts have grown nearly three-fold  from 14.72 crore in 2014 to 50.09 crore in 2023.

Encouraging Savings
The release stated that the total deposit balances under PMJDY Accounts stood at Rs. 2,03,505 crore.  Since the inception of the scheme deposits have increased about 13 times with increase in accounts 3.34 times. The average amount deposited per account is Rs. 4,063 as on August 16. An increase in the size of the average deposit indicates that the accounts are in use and that a saving habit is being inculcated among account holders.

Modernising Transactions
The number of RuPay cards issued to PMJDY accountholders stood at 33.98 crore. Additionally the government also installed 79.61 lakh PoS/mPoS( Point of Sale) machines. The total number of RuPay card transactions at PoS & e-commerce increased from 67 crore in FY 2017-18 to 126 crore in FY 2022-23.

The number of digital transactions has grown using mobile based payment systems like UPI, the number went from 1,471 crore in FY 17-18 to 11,394 crore in FY 22-23.

The total number of UPI financial transactions have increased from 92 crore in FY 2017-18 to 8,371 crore in FY 2022-23. Thus the scheme has modernised the way transactions are done in India by digitising the payment process.

Jan Dhan Darshak App (JDD App)The JDD App is a mobile application which helps in locating banking touch points such as bank branches, ATMs, Banking Correspondents (BCs), Indian Post Payment Banks etc.

Over 13 lakh banking touchpoints have been mapped on the JDD App.

This app is also being used for identification of villages which are yet to covered by banking outlets within 5 km radius.