In order to guarantee affordable access to financial services such as a basic savings and deposit account, remittance, credit, insurance, and pension, PM Modi commemorated the tenth anniversary of the Pradhan Mantri Jan-Dhan Yojana (PMJDY).
The program to formally integrate crores of Indians into the financial system was started in 2014 by the then-NDA government. With cumulative deposits of more than ₹2.3 lakh crore, there were more than 53.1 crore beneficiaries as of August 14, 2024. Women make up over thirty crore recipients.
In a post on X, PM Modi referred to the initiative as a success (previously Twitter). “Today is a historic occasion—#10YearsOfJanDhan,” he wrote. The Jan Dhan Yojana has been essential in increasing financial inclusion and providing millions of people—particularly women, youth, and underprivileged communities—with a sense of dignity.
The program was also commended by Finance Minister Nirmala Sitharaman, who tweeted, “Today, we mark a momentous occasion— #10YearsOfJanDhan.” Congratulation to everyone who benefited from this program and appreciation to everyone who contributed to its success.”
Details of the Jan Dhan Yojana plan
A basic savings bank deposit (BSBD) account may be opened under the program at any Business Correspondent (Bank Mitra) location or bank branch. Advantages of the plan include:
- PMJDY accounts do not need to have a minimum balance maintained.
- Deposits made into PMJDY accounts are rewarded with interest.
- The PMJDY account holder is given a Rupay Debit card.
- With the RuPay card that PMJDY account holders receive, accident insurance coverage of ₹1 lakh (upgraded to Rs. 2 lakh for new accounts registered after 28.8.2018) is available.
- For qualified account holders, an overdraft (OD) option of up to Rs. 10,000 is offered.
- Direct Benefit Transfer (DBT), the Atal Pension Yojana (APY), the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), the Pradhan Mantri Suraksha Bima Yojana (PMSBY), and the Micro Units Development and Refinance Agency Bank (MUDRA) program are all applicable to PMJDY accounts.