PMJDY Marks 11 Years: Over 560 Million Bank Accounts Boost Financial Inclusion Across India

The Pradhan Mantri Jan Dhan Yojana (PMJDY) has completed 11 years, facilitating the opening of 560 million bank accounts with total deposits of ₹2.68 trillion, Union Finance Minister Nirmala Sitharaman said on Thursday. Launched on August 28, 2014, by Prime Minister Narendra Modi, the scheme aims to provide universal access to banking for unbanked adults, promoting financial inclusion and economic participation.

In her message marking the milestone, Sitharaman highlighted PMJDY’s role in channeling benefits under Direct Benefit Transfer (DBT), while also offering credit facilities, social security, and encouraging savings and investments. “Financial inclusion is a key driver of economic growth and development. Universal access to bank accounts enables the poor and marginalised to participate fully in the formal economy and benefit from its opportunities,” she said.

The programme has significantly promoted digital banking through the issuance of over 380 million free RuPay debit cards. The volume of digital transactions surged to 221.98 billion in 2024-25, up from 23.38 billion in 2018-19, while Unified Payments Interface (UPI) transactions jumped to 185.87 billion from 5.35 billion during the same period. RuPay card transactions at points of sale and e-commerce platforms also rose to 938.5 million from 670 million in 2017-18.

Sitharaman noted that 67% of PMJDY accounts were opened in rural or semi-urban areas, and 56% were held by women, underlining the scheme’s focus on empowering underprivileged and remote communities. “The Jan-Dhan-Aadhaar-Mobile (JAM) trinity, with PMJDY at its core, has proven to be a diversion-proof mechanism for subsidy delivery. Welfare benefits are transferred directly into the bank accounts of the underprivileged, eliminating intermediaries and delays,” she said.

Each PMJDY account comes with zero balance requirements, a free RuPay debit card with accident insurance coverage of ₹2 lakh, and an overdraft facility of up to ₹10,000 to provide a safety net during emergencies. During 2024-25, a total of ₹6.9 trillion was credited into accounts under various DBT schemes, with the average deposit per account standing at ₹4,768 as of August 13, marking a 3.7-fold increase compared to 2015.

Union Minister of State for Finance Pankaj Chaudhary added that the government has achieved near saturation in bank account coverage. “The Prime Minister, in his 2021 Independence Day speech, announced that every household should have a bank account and every adult should have insurance and pension coverage. Continuous saturation drives across the country have led to near-universal banking access, alongside rising insurance and pension coverage,” he said.

Over the past decade, PMJDY has emerged as a cornerstone of India’s financial inclusion efforts, integrating millions of Indians into the formal banking system, boosting digital transactions, and providing crucial financial security to vulnerable populations. Its impact is especially notable in rural areas, where access to banking and formal financial services has expanded significantly, driving broader economic participation and empowering communities across the country.