TRANSFORMING FINANCIAL INCLUSION
Launched in 2014, the Pradhan Mantri Jan-Dhan Yojana (PMJDY) has emerged as a pivotal initiative aimed at narrowing socio-economic disparities by extending essential banking services, fostering financial literacy, and delivering numerous benefits to its account holders. As of March, 2024, the program has achieved significant milestones, integrating over 51.95 crore individuals into the formal banking system, thereby underscoring its transformative impact on rural and semi-urban regions. The PMJDY scheme encompasses a wide array of benefits, including the provision of savings accounts with no minimum balance requirements, interest on deposits, insurance coverage, and overdraft facilities. Moreover, it has synergized with other social security initiatives to bolster its effectiveness.
The cumulative progress of PMJDY stands as a testament to its success, evidenced by the issuance of 35.35 crores RuPay cards and deposit balances totaling 2,32,502.22 crores by March 2024. These achievements underscore its remarkable growth trajectory and effectiveness in enhancing financial inclusion, fostering economic stability, and encompassing the unbanked population within the formal financial system.