27th August 2025 (18 Topics)
1
Aug
2
Aug
4
Aug
5
Aug
6
Aug
7
Aug
8
Aug
9
Aug
11
Aug
12
Aug
13
Aug
14
Aug
15
Aug
16
Aug
18
Aug
19
Aug
20
Aug
21
Aug
22
Aug
23
Aug
25
Aug
26
Aug
27
Aug
28
Aug
Financial Inclusion through Jan Dhan
You must be logged in to get greater insights. click here to login
Context:
PM Jan Dhan Yojana (PMJDY), launched in 2014, has completed 11 years and emerged as the world’s largest financial inclusion programme with nearly universal account ownership in India.
Achievements of PMJDY
- Universal Account Access: Account ownership rose from 59% of households in 2014 to almost 100% today, with 56% of PMJDY accounts belonging to women.
- Rapid Account Growth: Over 56.2 crore accounts have been opened, with total deposits reaching ?2.68 lakh crore in 2024, a 17-fold increase since 2015.
- Digital Penetration: More than 38.7 crore RuPay cards issued; PMJDY accounts facilitate direct benefit transfers (DBT) and digital transactions.
Social and Economic Impact
- Financial Security for Poor: Schemes like PMJJBY and PMSBY linked to Jan Dhan accounts provide low-cost insurance and security for the unorganised sector.
- Women Empowerment: With over half of the accounts owned by women, PMJDY has become a strong instrument of gender-inclusive financial access.
- Crisis Support Role: During demonetisation and COVID-19, PMJDY accounts served as channels for rapid relief distribution and ensured transparency.
Future Potential and Challenges
- Expansion of Ecosystem: 99.9% of inhabited villages now have a banking outlet, strengthening access to credit, insurance, and investment products.
- Technological Innovations: Integration of AI and digital tools can enhance financial literacy, promote paperless services, and widen outreach.
- Sustaining Inclusion: The focus must shift towards account usage, financial literacy, micro-insurance, and long-term savings to ensure durable benefits.
Practice Question
“PM Jan Dhan Yojana has been a milestone in India’s financial inclusion journey, but sustaining account usage and ensuring deeper financial empowerment remain challenges. Discuss.” (250 words)
More Articles
Courses
Study
Notes
Home
Resources
More
