Millions of People Brought into Financial Mainstream: Modi Reflects on 9 Years of PM Jan Dhan Yojana

PM congratulates Jan Dhan Yojana beneficiaries on completion of 9 years of the scheme

New Delhi, August 29, 2023 — In a momentous address today, Prime Minister Narendra Modi celebrated the ninth anniversary of the Pradhan Mantri Jan Dhan Yojana (PMJDY) by highlighting its impact in bringing millions of previously unbanked citizens into the financial mainstream.

The PMJDY, launched on August 28, 2014, aimed to provide accessible and affordable financial services to the marginalized and underprivileged sections of society. Over the past nine years, the initiative has achieved remarkable success, surpassing its initial goals and making a substantial contribution to financial inclusion.

Speaking to the nation, Prime Minister Modi stated, “The PM Jan Dhan Yojana has been a revolutionary step towards ensuring economic empowerment for all. In these nine years, we have witnessed a transformative journey, with millions of households gaining access to banking services, insurance, and pension schemes.

This initiative has significantly contributed to reducing poverty, improving social security, and enhancing the overall quality of life for our fellow citizens.”

The scheme’s key features include the provision of a zero-balance savings account, easy access to credit and insurance services, and the promotion of digital transactions. These measures have not only empowered individuals financially but have also contributed to reducing the reliance on cash transactions and increasing transparency in the financial ecosystem.

Since its inception, the PMJDY has registered an impressive growth trajectory. As of the latest data available, over 45 crore (450 million) bank accounts have been opened under the scheme, with around 30 crore (300 million) account holders being women. The Yojana’s success can be attributed to a combination of meticulous planning, robust implementation, and sustained efforts to spread financial literacy across the country.

While reflecting on the achievements of the PMJDY, Prime Minister Modi also emphasized the need to continue building upon this foundation to ensure that the benefits of financial inclusion reach even the most remote areas of the nation.

He said, “Our journey doesn’t end here. We must work together to deepen financial literacy, enhance the availability of credit to small businesses, and enable our citizens to truly leverage the power of digital transactions.”

The anniversary celebration of the PM Jan Dhan Yojana also witnessed stories of individuals whose lives were positively impacted by the initiative. These stories underscored the importance of extending financial services to all corners of the nation.

As the nation looks back on the past nine years, it does so with a sense of achievement and a commitment to furthering financial inclusion. The Pradhan Mantri Jan Dhan Yojana stands as a testament to the transformative power of well-designed government initiatives in uplifting the lives of millions and fostering a more financially empowered society.

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