Over 54.5 Crore Jan Dhan Accounts Opened till Jan 15

As of January 15, 2025, the Pradhan Mantri Jan Dhan Yojana (PMJDY) has surpassed a significant milestone, with over 54.58 crore bank accounts opened. What makes this achievement even more remarkable is that 55.7% of these accounts belong to women, highlighting the scheme’s role in promoting financial inclusion, especially among marginalized communities. Since its launch in August 2014, PMJDY has transformed from a basic financial access initiative into a foundation for various government welfare programs, social security schemes, and digital transactions.

How Has Jan Dhan Yojana Expanded Over the Years?

PMJDY started with the goal of providing every unbanked household with a basic savings account, debit card, and access to banking services. Over the years, it has evolved, ensuring that every unbanked adult also benefits. According to official data, 30.37 crore women have opened accounts under this scheme, strengthening their economic participation.

Additionally, the scheme has played a key role in integrating financial services such as insurance, pensions, and direct benefit transfers (DBT). The initiative has particularly helped in reducing dependency on cash transactions and fostering a habit of savings.

What Is the Impact on Social Security Enrollments?

PMJDY accounts have become a gateway for millions to access government-backed social security schemes. According to the latest data:

• Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): 22.52 crore enrollments, including over 10 crore women.
• Pradhan Mantri Suraksha Bima Yojana (PMSBY): 49.12 crore enrollments, with 22.84 crore women subscribers.
• Atal Pension Yojana (APY): 7.25 crore enrollments as of December 31, 2024, of which 3.44 crore are women.

These figures indicate that women are actively participating in financial security schemes, ensuring better economic stability for families.

What Challenges Exist and What’s Next for PMJDY?

One of the key challenges in the past has been the issue of inoperative accounts. As of November 20, 2024, there were 11.30 crore inoperative accounts, collectively holding Rs 14,750 crore. However, government efforts have led to a decline in inoperative accounts in public sector banks, from 39.62% in March 2017 to 20.91% in November 2024 (Source: BFSI Economic Times). Banks are now working on making the reactivation process simpler and more accessible.

Looking ahead, the government has set a target to open another 3 crore PMJDY accounts in the fiscal year 2024-25. The cumulative deposit balance in these accounts stood at Rs 2.3 trillion as of August 14, 2024, and the average balance per account has risen from Rs 1,065 in 2015 to Rs 4,352 in 2024. Around 80% of these accounts are active, showing strong participation in the banking system.

Summary of the news