In the past 10 years, more than 53 crore Jan Dhan accounts have been established for individuals with low incomes, with deposits totalling Rs 2.3 lakh crore, as per government reports ahead of the 10th anniversary of the launch of the Pradhan Mantri Jan Dhan Yojana (PMJDY).

The program, introduced on August 28, 2014, aimed to grant all Indians access to banking services. Since its introduction, PMJDY has shown significant expansion. The government has reported that out of the total 173 crore CASA (Current and Savings Account) accounts in the country, more than 53 crore are PMJDY accounts.

The government’s ambitious goals for the coming fiscal year include opening over 3 crore new PMJDY accounts in FY25.

A notable achievement of the initiative is that 99.95% of all inhabited villages now have banking facilities within a five-kilometre radius. Financial services have been extended through various channels, including Banking Correspondents and the India Post Payments Bank.

Despite its accomplishments, there are challenges to tackle. For instance, about 8.4% of PMJDY accounts currently maintain a zero balance. Approximately 20% of the accounts are inactive, which aligns with industry norms.

The government underscores that about 80% of PMJDY accounts are active, implying that many account holders are actively involved in banking. In the future, PMJDY will concentrate on bringing excluded individuals and young adults into the financial mainstream.

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