10 years of Pradhan Mantri Jan Dhan Yojana: 57% account holders are women

Nearly 57% of account holders under the Pradhan Mantri Jan Dhan Yojana are women, indicating greater financial empowerment of women.

According to the latest data shared by the Union finance ministry, of the total PMJDY Accounts amounting to 531.3 crore as on August 14, 55.6%  or 295.6 crore are held by women.

“Jan Dhan Yojana has proven to be game-changing as far as women's empowerment is concerned. Almost 30 crore women have been brought into the banking system,” Prime Minister Narendra Modi said in a post on LinkedIn.

The flagship PMJDY scheme of the government was launched on August 28, 2014 and completed a decade on Wednesday. It provides one basic bank account for every unbanked adult. For this account there is no need to maintain any balance and also no charges are levied on this account.

In the account, a free-of-cost RuPay Debit card with in-built accident insurance cover of Rs 2 lakh is also provided to promote digital transactions. PMJDY account holders are also eligible for getting an overdraft of up to Rs 10,000 to cover exigencies.

“By providing universal, affordable, and formal financial services — including bank accounts, small savings schemes, insurance, and credit — to the previously unbanked, PMJDY has transformed the banking and financial landscape of the country over the last decade,” Finance Minister Nirmala Sitharaman said.

Total deposits in the PMJDY bank accounts has increased to Rs 2.31 lakh crore from Rs 15,670 crore as in March 2015. “Deposits have increased about 15 times with increase in accounts 3.6 times in August 2024 from August 2015,” said a statement by the finance ministry.

Average deposit per account is Rs 4,352 as on August 14, 2024, increasing four times compared to the level in August 2015. “Increase in average deposit is another indication of increased usage of accounts and inculcation of saving habit among account holders,” said the finance ministry.

As many as 361.4 million RuPay cards have also been issued to PMJDY account holders.