Lagatar24 Desk
New Delhi: Prime Minister Narendra Modi on Wednesday celebrated the monumental success of the Pradhan Mantri Jan Dhan Yojana (PMJDY) as it completed a decade since its launch in 2014. Reflecting on the journey, PM Modi praised the collective efforts that have contributed to the scheme’s success, particularly in empowering women and fostering financial inclusion across the nation.
In a detailed blog posted on his official portal, the Prime Minister recounted the challenges faced during the launch of the Jan Dhan Yojana and the skepticism that surrounded it. He highlighted how the initiative, once considered an ambitious and daunting task, has now become a game-changer in the financial landscape of India.
Since its inception on August 28, 2014, the PMJDY has crossed a significant milestone, with over 53 crore beneficiaries. Remarkably, women constitute 55.6% of the account holders, amounting to more than 30 crore—equivalent to nearly the entire population of the United States.
“For me, this initiative was more than just a policy; it was a mission to create an India where every citizen, regardless of their economic background, has access to formal banking services,” PM Modi wrote in his opening remarks.
The Prime Minister outlined the success of the Jan Dhan Yojana in two key aspects: the impressive growth in numbers and the transformative impact it has had on the lives of women, the underprivileged, and marginalized communities.
“Today, over 53 crore people who never imagined they would enter a bank now have bank accounts. These accounts hold a deposit balance of over ₹ 2.3 lakh crore. More than 65% of these accounts are in rural or semi-urban areas, thereby extending financial inclusion beyond metropolitan cities. Additionally, direct transfers amounting to nearly ₹ 39 lakh crore have been made through these accounts,” PM Modi informed.
He further emphasized the profound impact of the scheme on women’s empowerment, noting that almost 30 crore women have been integrated into the banking system. The benefits of Jan Dhan Yojana, along with the associated advantages of having a bank account, have significantly uplifted Scheduled Castes (SC), Scheduled Tribes (ST), Other Backward Classes (OBC), and families from middle and neo-middle classes.
PM Modi also highlighted the role of Jan Dhan Yojana as a critical pillar of the JAM Trinity—Jan Dhan, Aadhaar, and Mobile—an initiative that has fueled a digital payments revolution in India, especially in the latter half of the last decade.
Reflecting on the challenges of opening bank accounts before 2014, PM Modi explained how access to banking was not a given for many households, even decades after Independence. “Many of you, especially the youth, might think that having a bank account is basic and taken for granted. However, when we assumed office in 2014, access to banking was still a distant dream for almost half of our households. The absence of financial security held back so many dreams,” he remarked.
Recalling the skepticism during the scheme’s rollout, PM Modi acknowledged the doubts that arose—whether it was possible to bring such a large population into the banking fold and whether it would lead to any tangible changes. “Yes, the scale of the challenge was enormous, but so was the determination of the people of India to make it a reality,” he concluded.
