Mobile link shields PMJDY A/Cs from fund diversion

The government on Thursday said the initiative to link the Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts with the mobile numbers and Aadhaar cards of beneficiaries has proven to be a diversion-proof mechanism for delivery of subsidy.

"When the last mile is financially connected, the entire nation moves forward together. That is exactly what the PM Jan Dhan Yojana achieved," Prime Minister Narendra Modi said in a post on X. "It enhanced dignity and gave people the power to script their own destiny."

Since the launch of PMJDY in 2014, more than 560 million Jan Dhan accounts have been opened under the scheme, garnering a total deposit balance of ₹2.68 lakh crore. More than 380 million free-of-cost RuPay cards have been issued, facilitating digital transactions, as per the government.


Finance minister Nirmala Sitharaman, in her statement on completion of the 11th year of the scheme, said PMJDY has been one of the major channels for delivering benefits under schemes using direct benefit transfer (DBT), providing credit facilities, social security and enhancing savings and investments.

"Financial inclusion is a key driver of economic growth and development. Universal access to bank accounts enables the poor and the marginalised to participate fully in the formal economy and benefit from its opportunities," she said. "It is noteworthy that under PMJDY, 67% of the accounts are opened in rural or semi-urban areas, and 56% of the accounts are opened by women, indicating how underprivileged individuals living in far-flung areas have been brought into the formal financial sector," she said.