PMJDY: Transforming Indian Banking Landscape with Over 56 Crore Accounts

The Pradhan Mantri Jan Dhan Yojana (PMJDY) has marked a significant milestone with accounts soaring to 56.16 crore, aggregating deposits of Rs 2.68 lakh crore in 11 years, according to data shared by India's Finance Ministry. This surge has partly been attributed to the successful Direct Benefit Transfer (DBT) system.

Over half of these account holders are women, highlighting the scheme's pivotal role in financial inclusion. Furthermore, 67% of accounts were opened in rural and semi-urban areas, underlining the program's impact on less accessible regions. Ninety-four per cent of India's adult population now holds a bank account.

Launched on August 28, 2014, PMJDY offers zero-balance accounts, free RuPay cards, insurance, and overdraft facilities, aiming to integrate the marginalized into the financial network. The issuance of 38.68 crore RuPay debit cards has facilitated cashless transactions and provided insurance, effectively transforming India's socio-economic landscape.

(With inputs from agencies.)