India Crosses 55 Cr Jan Dhan Accounts, Boosting Financial Inclusion

India has made significant strides in financial inclusion, with the National Mission for Financial Inclusion (NMFI), launched through the Pradhan Mantri Jan Dhan Yojana (PMJDY) in August 2014, crossing 55.02 crore account openings as of March 7.

Of these, 36.63 crore accounts are in rural and semi-urban areas, highlighting the scheme’s success in reaching underserved regions. The Minister of State for Finance, Pankaj Chaudhary, shared these figures in a written reply to the Rajya Sabha on Tuesday.

PMJDY, a flagship initiative aimed at providing universal banking access, follows the principles of “banking the unbanked, securing the unsecured, and serving underserved areas.” The scheme, along with several other financial inclusion initiatives, has played a crucial role in ensuring affordable financial services reach marginalized populations.

Among other key schemes, the PM Vishwakarma Scheme, launched in September 2023, has been instrumental in supporting traditional artists and craftspeople by providing skill development, access to credit, and market linkages. Similarly, the Prime Minister Street Vendor’s Atma Nirbhar Nidhi (PMSVANidhi), introduced in June 2020, has provided financial assistance to street vendors affected by the COVID-19 lockdown, aiding their economic recovery.

Several other financial schemes have also seen remarkable progress. The Pradhan Mantri Suraksha Bima Yojana (PMSBY) has enrolled 50.30 crore people as of March 7, offering accident insurance coverage of Rs 2 lakh for death or total disability at an annual premium of just Rs 20. The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) has recorded 23.21 crore enrolments, providing life insurance coverage of Rs 2 lakh at a yearly premium of Rs 436.

Meanwhile, the Atal Pension Yojana (APY) has secured 7.49 crore enrolments, ensuring a fixed monthly pension of Rs 1,000 to Rs 5,000 at retirement, depending on individual contributions. Supporting small businesses, the Pradhan Mantri Mudra Yojana (PMMY) has sanctioned 52.07 crore loans amounting to Rs 33.19 lakh crore as of February 28, helping entrepreneurs with income-generating activities.

Additionally, the Stand Up India Scheme (SUPI) has approved 2.67 lakh loans worth Rs 60,504 crore, fostering entrepreneurship among Scheduled Caste (SC), Scheduled Tribe (ST) individuals, and women by providing financial assistance for greenfield enterprises.

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