Financial Revolution: India's Jan Dhan Yojana Empowers Millions

More than 560 million Jan Dhan accounts have been opened over the last 11 years, marking a milestone in bringing millions into India's formal banking sector. Union Finance Minister Nirmala Sitharaman acknowledged the success of the Pradhan Mantri Jan Dhan Yojana (PMJDY), initiated by Prime Minister Narendra Modi on August 28, 2014, as a pivotal step in promoting financial inclusion.

'Financial inclusion is a key driver of economic growth and development. Universal access to bank accounts enables the poor and marginalized to engage fully in the economy,' Sitharaman emphasized. Over 38 crore RuPay cards have been distributed under the scheme, promoting digital transactions and signaling a historic shift in the nation's financial landscape.

Minister of State for Finance, Pankaj Chaudhary, termed PMJDY as a global success story, bringing dignity and opportunities to millions. Recent government efforts have ensured near saturation in bank accounts across households, with an ongoing campaign targeting unbanked areas. The drive aims to establish a financially inclusive society with wide-ranging benefits for insurance and pensions. As the campaign sees encouraging progress, the government renews its commitment to transforming lives through financial empowerment.

(With inputs from agencies.)