Outlook Business Desk
Over the last 11 years, the Pradhan Mantri Jan Dhan Yojana (PMJDY) has enabled 560 million Indians to open bank accounts, with total deposits reaching ₹2.68 trillion, Union Finance Minister Nirmala Sitharaman said on Thursday.
PMJDY has emerged as a major channel for the government's Direct Benefit Transfer (DBT) schemes, providing welfare benefits directly into accounts. It also supports credit access, social security, savings growth, and investments, helping underprivileged individuals access formal financial services.
The programme has driven widespread digital adoption, with over 380 million RuPay cards issued at no cost. Digital transactions soared to 221.98 billion in 2024-25 from 23.38 billion in 2018-19, and UPI transactions climbed to 185.87 billion, Nirmala Sitharaman said.
Meanwhile, RuPay card transactions at point-of-sale terminals and e-commerce platforms increased to 938.5 million from 670 million in 2017-18. This growth highlights PMJDY’s role in promoting fintech adoption, offering cardholders convenience, security and easy digital payments.
Highlighting the impact of the scheme, Sitharaman said, “It is noteworthy that under the PMJDY, 67% of the accounts are opened in rural or semi-urban areas, and 56% are opened by women, indicating how underprivileged individuals living in far-flung areas of the country have been brought into the formal financial sector.”
Every account under PMJDY comes with zero balance requirements, a free RuPay debit card, ₹2 lakh accident insurance, and an overdraft facility of up to ₹10,000. These features offer safety nets, encourage savings, and make financial services accessible for individuals across socio-economic backgrounds.
An important aspect of the PMJDY is its integration with the Jan-Dhan-Aadhaar-Mobile (JAM) trinity. This system links bank accounts, Aadhaar IDs, and mobile phones to deliver subsidies directly, ensuring transparency, eliminating intermediaries, and making welfare benefits faster and more accessible.
During 2024-25, the government transferred ₹6.9 trillion into citizens’ bank accounts under various DBT schemes. As of 13 August, the average deposit per PMJDY account stood at ₹4,768, a 3.7-times increase since 2015, highlighting greater use of banking services and financial participation nationwide.
Union Minister of State for Finance Pankaj Chaudhary said, “The Prime Minister, in his 2021 Independence Day speech, announced that every household should have a bank account and every adult should have insurance and pension coverage. With continuous efforts through nationwide saturation drives, we have achieved near saturation in bank accounts, with insurance and pension coverage steadily rising.”