Jan Dhan scheme completes 7 years; 43 crore beneficiaries and over Rs 1.4 lakh crore in deposits

One small deposit and a giant step towards financial literacy is what the Jan Dhan scheme set out to do. Seven years to the day the scheme launched by PM Narendra Modi has successfully brought 43.04 crore citizens under the formal banking system. 

Marking the anniversary PM Modi tweeted, “I would like to applaud the untiring efforts of all those who have worked to make #PMJanDhan a success. Their efforts have ensured the people of India lead a better quality of life.” 

Pradhan Mantri Jan-Dhan Yojana announced by PM Narendra Modi in his Independence Day address on 15th August 2014 now boasts of deposits of over Rs 1.4 lakh crore with the 43 crore beneficiaries where more than half of the beneficiaries are women (23.76 crore) while 28.57 crore is from rural and semi-urban areas.

The average amount deposited in Jan Dhan account has surged 2.7 times in six years. The average balance in the accounts which is hovering around ₹3,000-3,500 across banks is ‘an indication’ that the scheme has now become a channel for savings for low-income families.

Reiterating the sentiment of empowerment Finance Minister also stated “The journey of PMJDY-led interventions undertaken over a short span of 7 years has in effect, produced both transformational as well as directional change thereby making the emerging FI ecosystem capable of delivering financial services to the last person of the society-the poorest of the poor”

The finance ministry is looking to expand the financial inclusiveness scheme and is considering providing life insurance and accident covers to over 43 crore account holders.