Pradhan Mantri Jan Dhan Yojana (PMJDY), the National Mission for Financial Inclusion launched on 28 August 2014, completed ten years in August 2024 with more than 53 crore bank accounts and deposits of over Rs 2.3 lakh crore. Run by the Department of Financial Services, Ministry of Finance, it is the world’s largest financial-inclusion drive and the base of the JAM (Jan Dhan-Aadhaar-Mobile) trinity that delivers direct benefit transfers.
Context
- Accounts grew from 14.7 crore in March 2015 to 52 crore in March 2024, and to 53.13 crore by the tenth anniversary in August 2024.
- Deposits rose from Rs 15,600 crore (March 2015) to Rs 2.32 lakh crore (March 2024); the average balance per account went up from Rs 1,065 to Rs 4,476.
- 55.6 per cent of account holders are women and 66.6 per cent of accounts are in rural and semi-urban areas; only about 8.4 per cent of accounts have zero balance.
- The government set a target of opening more than 3 crore additional accounts in 2024-25.
Ten-Year Achievements
- Banking infrastructure: more than 13 lakh banking touch points mapped on the Jan Dhan Darshak (JDD) app; by July 2023, 99.7 per cent of mapped villages had a banking outlet within 5 km.
- Digital payments: UPI transactions rose from 92 crore in FY 2018 to 13,120 crore (131.2 billion) in FY 2024; RuPay card transactions at point of sale and e-commerce rose from 67 crore in FY 2018 to 126 crore in FY 2023.
- Direct Benefit Transfer: about USD 361 billion has been transferred directly to beneficiaries from 53 central ministries, with leakages cut sharply.
- Overdraft: eligible account holders can get an overdraft of up to Rs 10,000; the number of overdraft accounts remains small relative to the account base.
- The World Bank’s Global Findex noted that India achieved in about six years a level of account ownership that would otherwise have taken nearly five decades.
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Account Features
- Basic savings bank deposit account with no minimum balance; free RuPay debit card with accident insurance of Rs 2 lakh (Rs 1 lakh for accounts opened before 28 August 2018).
- Overdraft up to Rs 10,000 for eligible holders; no mandatory free cheque book.
- Gateway to PMJJBY, PMSBY, Atal Pension Yojana, MUDRA loans and DBT.
Challenges
- Duplicate accounts opened for insurance and overdraft benefits; the cost of servicing low-balance accounts for banks.
- Misuse of some accounts for money laundering, and misconduct by a few business correspondents.
- Low uptake of overdraft, and financial and digital illiteracy in rural areas.
Way Forward
- A centralised check to prevent duplicate accounts and incentives to keep a single active account.
- Deeper coverage of micro-insurance and pension through the National Strategy for Financial Inclusion (NSFI 2019-24).
- Better access to micro-credit, more overdraft penetration, and coverage of every remaining adult.
Important Facts for Examsmost asked
- Launched 28 August 2014 (announced 15 August 2014); Ministry of Finance, DFS.
- Ten years (August 2024): 53.13 crore accounts, deposits about Rs 2.31 lakh crore, 55.6 per cent women, 66.6 per cent rural/semi-urban.
- Accident cover: Rs 2 lakh (new accounts since 28 August 2018); overdraft: up to Rs 10,000.
- Jan Dhan Darshak app: locates bank branches, ATMs and business correspondents.
FAQs
What is PMJDY?
A national mission to give every unbanked adult a basic savings account, a RuPay debit card, access to credit, insurance and pension, and a channel for government benefits.
What does JAM mean?
Jan Dhan accounts, Aadhaar identity and mobile numbers linked together to send subsidies directly to beneficiaries.
Why do the numbers matter for exams?
Account count, deposit total, women’s share and rural share are the standard one-mark questions in RBI Grade B, NABARD Grade A and bank PO exams.
