Over 560 Million Jan Dhan Accounts Opened In 11 Years, Says FM Nirmala Sitharaman

India’s flagship financial inclusion initiative, the Pradhan Mantri Jan Dhan Yojana (PMJDY), has completed 11 years since its launch by Prime Minister Narendra Modi on 28 August 2014. Marking the occasion, Union Finance Minister Nirmala Sitharaman and Minister of State for Finance Pankaj Chaudhary highlighted the scheme’s transformative achievements in bringing millions into the formal banking system.

Milestones In Financial Inclusion

Nirmala Sitharaman said that in the last 11 years, more than 560 mn accounts have been opened under PMJDY, with deposits now standing at ₹2.68 lakh crore. She added that over 38 crore free RuPay debit cards have been distributed, which have significantly boosted digital transactions. According to her, the initiative has been pivotal in enabling Direct Benefit Transfers (DBT), extending credit facilities, providing social security, and encouraging savings and investments.

As per news reports, she remarked, “Financial inclusion is a key driver of economic growth and development. Universal access to bank accounts enables the poor and marginalised to participate fully in the formal economy and benefit from its opportunities.” Highlighting inclusivity, Sitharaman noted that 67% of accounts are in rural or semi-urban areas, and 56% are held by women, reflecting outreach to underprivileged sections across India.

Nationwide Drives And Broader Coverage

Pankaj Chaudhary praised the scheme as “one of the most successful financial inclusion initiatives not only in the country but in the whole world”. He described PMJDY as being about “dignity, empowerment and opportunity”. Referring to the Prime Minister’s 2021 Independence Day address, he pointed out the goal of universal bank accounts, insurance and pension coverage for every adult.

He highlighted the government’s saturation campaign, ensuring at least one camp in each of the 2.7 lakh Gram Panchayats where citizens can open PMJDY accounts, enrol under Jansuraksha schemes, complete re-KYC and update nominations. The campaign, running until 30 September, has seen “encouraging initial reports”, he said, urging citizens to make full use of the opportunity.

Future Vision And Lasting Impact

Chaudhary stressed that with the collaboration of banks, insurers and state governments, India is moving rapidly towards becoming a financially inclusive society. He added, “With the support of all stakeholders, we are moving towards a more financially inclusive society, and PMJDY would always be remembered as a game changer for financial inclusion in the country.”

The scheme ensures every unbanked adult has access to a zero-balance account without maintenance charges. Leaders hailed PMJDY as not just a welfare initiative but a showcase of Governance in Mission Mode, proving what can be achieved with commitment to people’s welfare.

Read More: Odisha CM Kisan Yojana: 51 Lakh Farmers Set to Get ₹1,041 Crore; Eligibility and Other Details Inside!

Conclusion

Eleven years on, PMJDY has reshaped India’s financial landscape, expanding access, empowering women and rural citizens, and creating a platform for inclusive growth. With deposits rising, digital adoption increasing, and new coverage drives underway, the scheme continues to stand as a cornerstone of India’s journey towards universal financial inclusion.

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