In an impressive achievement, the total number of Jan Dhan accounts in India has crossed the significant 50 crore mark within a span of fewer than 9 years. This successful initiative has brought about substantial changes in the nation’s financial landscape, according to an official statement from the finance ministry.
Key Statistics and Demographics
Diverse Ownership: Out of the total Jan Dhan accounts, an encouraging 56 percent are owned by women, indicating a remarkable step towards gender inclusivity in financial matters.
Rural and Semi-Urban Embrace: Around 67 percent of these accounts have been opened in rural and semi-urban areas, showcasing the program’s widespread reach and positive impact in less urbanized regions.
Financial Empowerment and Deposits
Substantial Deposits: The cumulative deposits in these Jan Dhan accounts have surged beyond ₹2.03 lakh crore, underlining the financial engagement and empowerment of a significant portion of the population.
Average Balance: On average, the balance held in each Pradhan Mantri Jan Dhan Yojana (PMJDY) account amounts to ₹4,076, revealing a tangible impact on individuals’ savings and financial stability.
Direct Benefit Transfer and RuPay Cards
Direct Benefit Transfer (DBT) Utilization: A commendable statistic shows that more than 5.5 crore Jan Dhan account holders are effectively utilizing the Direct Benefit Transfer (DBT) system, ensuring seamless and direct access to government subsidies and support.
Free RuPay Cards: The initiative has also provided approximately 34 crore RuPay debit cards free of cost to Jan Dhan account holders. These cards come with the added benefit of in-built accident insurance worth ₹2 lakh.
Additional Advantages for Account Holders
Minimum Balance Requirement: Jan Dhan accounts offer the advantage of a bank account without the necessity of maintaining a minimum balance, making banking accessible to a broader spectrum of individuals.
- Accident Insurance: Each RuPay debit card is equipped with an accident insurance coverage of ₹2 lakh, further enhancing the security and well-being of account holders.
Overdraft Facility: The program offers a valuable overdraft facility of up to ₹10,000, providing a safety net for financial emergencies.
Impact of the National Mission on Financial Inclusion
The National Mission on Financial Inclusion, widely recognized as PMJDY, was inaugurated on August 28, 2014. Since its inception, this initiative has effectively transformed the financial landscape of the country, rendering financial services more accessible, equitable, and empowering for millions of Indians.