PM Jan Dhan scheme now serves 531 million

Pradhan Mantri Jan Dhan Yojana, the first major scheme of the NDA government that was launched in 2014, has completed an impressive ten year journey in which it served as the basis for disbursement of monetary benefits to women, farmers, entrepreneurs in the informal sector as well as for affordable housing, crop, medical and life insurance, among others. Despite some initial hiccups, the scheme has covered 531 million beneficiaries and ended pilferage of welfare funds.

Prime Minister Narendra Modi hailed the crossing of this milestone on Wednesday by complimenting the beneficiaries and those who made it a success. "Jan Dhan Yojana has been paramount in boosting financial inclusion and giving dignity to crores of people, especially women, youth, and the marginalized communities," he said on social media site X.

Modi described Jan Dhan as one that provided "dignity, empowerment and opportunity" to the people. The scheme was a transformative pillar that reshaped financial inclusion by giving access to all strata of society to formal banking.


This universal banking service put the welfare funds directly into the bank accounts of the intended beneficiaries, putting an end to the cut that corrupt government personnel and others took. Direct Benefit Transfer of wages and funds in schemes like MNREGA, PM-KISAN and Ayushman Bharat has helped the poor and brought women and weaker sections, especially those from rural areas, into the banking system. It was highly useful during the Covid pandemic.

"This initiative has not only empowered individuals by facilitating savings and remittances but has also liberated them from the exploitative practices of usurious moneylenders. The scheme has seen remarkable success, with one in every two accounts opened between March 2014 and March 2020 being a PMJDY account," government sources said.

Jan Dhan accounts have helped in immediate and full transfer of funds to those covered under Direct Benefit Schemes.