Pradhan Mantri Jan Dhan Yojana (PMJDY) Achieves Remarkable Milestones in Promoting Financial Inclusion

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Pradhan Mantri Jan Dhan Yojana (PMJDY) has achieved remarkable success, boasting an impressive count of over 50 crore beneficiaries and a substantial increase in the overall account balance. The growth of this scheme, particularly in the post-Covid-19 period, underscores its efficacy in advancing financial inclusion.

In the first half of the current financial year, the total balance in PMJDY accounts surged by ₹30,000 crore, reaching a substantial ₹2.05 lakh crore as of October 4, 2023. Notably, the number of beneficiaries has risen by over 3.5 crore in the past year, soaring from 47 crore to an impressive 50.63 crore, highlighting a consistent growth trend in new enrollments.

Public sector banks are responsible for operating 40 crore accounts with a combined balance of ₹1.60-lakh crore, while the remainder is contributed by regional rural banks, co-operative banks, and private sector banks.

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The integration of PMJDY with various government schemes and Direct Benefit Transfers (DBTs) has significantly enhanced its appeal among beneficiaries. Implementing benefits from the Pradhan Mantri Garib Kalyan Yojana through PMJDY accounts, particularly for women, has led to a surge in new enrollments. The presence of 8.50 lakh Bank Mitras plays a pivotal role in simplifying account opening and maintenance, making PMJDY particularly popular in rural areas.

However, amidst these achievements, a notable challenge remains in issuing RuPay ATM debit cards to beneficiaries. Out of the 50.63 crore account holders, only 35 crore have been issued these cards, highlighting a substantial gap that warrants attention.

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