PM JAN DHAN YOJANA, 2014 - Banking the Unbanked

Ten years of PMJDY have transformed financial access for millions, empowering them to save, invest and access credit, while driving economic and social change

- BY SONAL KHETARPAL

This year marks the 10th anniversary of the Pradhan Mantri Jan Dhan Yojana (PMJDY), a groundbreaking initiative that brought millions of underprivileged Indians into the formal banking system. Launched in August 2014, the scheme offered zero-balance savings accounts without any minimum balance requirement, free RuPay debit cards, and essential financial security features like accident insurance of Rs 2 lakh and an overdraft facility of Rs 10,000. From its inception, PMJDY has grown exponentially. The number of accounts surged from 147.2 million in March 2015 to 531.3 million today, with deposits totalling Rs 2.31 lakh crore.