Summary:

On the tenth anniversary of the Pradhan Mantri Jan Dhan Yojana (PMJDY), Prime Minister Narendra Modi underlined his commitment to building on the scheme's achievements to create a 'Viksit Bharat.' In his LinkedIn article, he emphasized the scheme's impact, noting that it has benefited over 531 million people with contributions totaling $27.40 billion. He recognized the crucial role of women and rural accounts in enhancing financial inclusion.

Reflecting on PMJDY's growth, he recalled the challenges faced before 2014 when nearly half of Indian households lacked banking access. PMJDY has increased the average account balance from $12.69 in March 2015 to $51.85 in August 2024, with about 80% of accounts active. The initiative positively impacts SC, ST, and OBC households, as well as the middle class, and is a key component of the JAM Trinity, supporting financial inclusion and economic growth.

Source: IBEF 

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