Nine years after its start, the Pradhan Mantri Jan-Dhan Yojana (PMJDY) finally reached the 500 million milestone on Monday with over 2 lakh crores in deposits.The Union Finance Minister, Nirmala Sitharaman, mentioned that over 55.5% of the bank accounts contributing are held by women. According to her, nine years of initiatives by PMJDY and the digital revolution have changed financial inclusion in India. She added that it is encouraging to witness that more than 500 million individuals have been brought into the official banking system by the establishment of Jan Dhan accounts. According to Sitharaman, around 340 million free RuPay cards have been provided to these accounts, which also include a $25,000 accident insurance policy.More than 55.5% of 50.09 crore PM Jan Dhan accounts belong to women, showcasing the success of Jan Dhan Accounts in ensuring #FinancialInclusion of women. #9YearsofJanDhan pic.twitter.com/qwWsiAkSXG— Nirmala Sitharaman Office (@nsitharamanoffc) August 28, 2023 JAM and its operationsOne of the three pillars of JAM (Jan-Dhan, Aadhaar, and Mobile), the well-praised diversion-proofed subsidy delivery method, is PMJDY. Through JAM, the government sends subsidies or social benefits directly into the bank accounts of the underprivileged.The PMJDY is one of the three pillars of Jan-Dhan, Aadhaar, and Mobile. With the help of this acclaimed subsidy delivery approach, the government sends subsidies or social benefits directly into the bank accounts of the underprivileged, as claimed by the government.Reports suggested that 67% of the PMJDY accounts were opened in rural and semi-urban regions, out of which a hefty 55.5% belonged to women.Bhagwat Kisanrao Karad, union minister of state for finance, mentioned that the outcomes of the scheme are extensive and have a multiplier effect on the economy, by facilitating access to credit, providing insurance and pension coverage, and raising financial literacy among vulnerable groups in society. He added, “The Jan Dhan-Aadhaar-Mobile architecture has enabled the successful transfer of government benefits in the accounts of the common man seamlessly. and have contributed towards inclusive growth of all sections of society, especially the underprivileged.”Moreover, the union minister mentioned, “With the collaborative efforts of stakeholders, banks, insurance companies, and government officials, the PMJDY stands out as a pivotal initiative, changing the landscape of financial inclusion in the country as envisioned by Honble Prime Minister Shri Narendra Modi”.Striding towards achieving financial independence!With each passing year, people are taking control of their financial futures by opening accounts through the Pradhan Mantri Jan Dhan Yojana #PMJDY.#9YearsofPMJDY #9YearsOfJanDhan pic.twitter.com/Dbxm15gMIc— Ministry of Finance (@FinMinIndia) August 28, 2023 More on the YojanaPrime Minister Narendra Modi first spoke about this scheme in his Independence Day speech on August 15, 2014, and about a festival to celebrate the liberation of the poor from a vicious cycle. Financial inclusion basically frees the poor from the grasp of predatory lenders while simultaneously bringing their savings into the formal financial system and giving them a way to send money to their families in rural areas.The program offers individuals basic banking services. It allows you to start a straightforward savings bank deposit account with less paperwork, no balance, and no fees.PMJDY was utilised to deliver COVID-19s financial aid. About 200 million womens PMJDY accounts received credits for $500 in financial aid through DBT within 10 days after the national COVID lockout. The program also features a mobile app called Jan Dhan Darshak that acts as a platform for citizens to find financial touchpoints, including bank branches and ATMs. It was reported that more than 1.3 million banking touchpoints have been mapped already.
