The government will continue to build on the success of the Pradhan Mantri Jan Dhan Yojana (PMJDY) and initiate even more steps to build a Viksit Bharat, Prime Minister Narendra Modi said on Wednesday.

Commending the scheme on completing a decade, Modi said over 530 million poor people have opened bank accounts with deposit balances of over Rs 2.3 lakh crore.  PMDY was rolled out on August 28, 2014, to give formal banking access to the unbanked population.

“Had it not been for the Jan Dhan Yojana, the MUDRA Yojana, or the social security schemes of the Government, namely the Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana and the Atal Pension Yojana would never have been as impactful,” he said.

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PMJDY has helped the government direct transfers worth almost Rs 39 lakh crore over the last decade.

Finance Minister Nirmala Sitharaman said Pradhan Mantri Jan Dhan Yojana (PMJDY) integrates the poor into the economic mainstream and plays a crucial role in development of marginalised communities. PMJDY accounts grew 3.6 -fold from 156.7 million in March 2015 to 531.4 million as on August 14, 2024.

“The consent-based pipeline created through the linking of Jan Dhan-Mobile-Adhaar has been one of the most important pillars of the financial inclusion ecosystem. It has enabled swift, seamless and transparent transfer of Government welfare schemes to eligible beneficiaries and promoted digital payments,” Sitharaman said.

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Over 36 crore free-of-cost RuPay cards have been issued to PMJDY beneficiaries, which also provide for a Rs 2 lakh accident insurance cover. Notably, there are no account opening fees or maintenance charges and no requirement to maintain a minimum balance.

Average deposit per account is Rs 4,352 as on August 14, 2024, an increase of over 4 times since March 31, 2015. Increase in average deposit is another indication of increased usage of accounts and inculcation of saving habit among account holders.