Deposits in bank accounts registered under the government’s Jan Dhan initiative, which was introduced roughly seven and a half years ago, have surpassed Rs 1.5 lakh crore. The total balance in approximately 44.23 million Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts was Rs 1,50,939.36 crore at the end of December 2021, according to the latest finance ministry statistics.
In August of last year, MJDY, the National Mission for Financial Inclusion, had completed seven years of implementation. Prime Minister Narendra Modi announced it in his Independence Day address on August 15, 2014. The government’s flagship scheme has as one of its goals enabling affordable access to financial products and services. Scholarships, subsidies, pensions, and COVID relief payments are all credited to the bank accounts of the recipients.
According to the finance ministry, 34.9 crore accounts were with public sector banks, 8.05 crore with regional rural banks, and the remaining 1.28 crore with private sector banks out of a total of 44.23 crore. In addition, RuPay debit cards were provided to 31.28 crore PMJDY beneficiaries. It’s worth noting that the number of RuPay cards available and their use has grown over time.
According to the data, rural and semi-urban bank branches maintained 29.54 crore Jan Dhan accounts. Women made up around 24.61 crore account holders as of December 29, 2021. During the scheme’s first year, 17.90 crore PMJDY accounts were created.