PMJDY continues to grow, adding ₹30,000 crore to total balance in H1

Pradhan Mantri Jan Dhan Yojana (PMJDY) has achieved remarkable success, with over 50 crore beneficiaries and a significant increase in total balance. The scheme’s growth, especially post-Covid-19, reflects its effectiveness in promoting financial inclusion.

Growth Trajectory

• In the first half of the current financial year, the total balance in PMJDY accounts increased by ₹30,000 crore, reaching ₹2.05 lakh crore as of October 4, 2023.
• The number of beneficiaries rose by over 3.5 crore in the last year, from 47 crore to 50.63 crore, showcasing a steady growth trend in new enrollments.
• Public sector banks operate 40 crore accounts with a balance of ₹1.60-lakh crore, while the rest is contributed by regional rural banks, co-operative banks, and private sector banks.

Factors Driving Enthusiasm

• Government Scheme Linkages: PMJDY’s integration with various government schemes and Direct Benefit Transfers (DBTs) enhances its appeal among beneficiaries.
• Empowering Women: The implementation of benefits from Pradhan Mantri Garib Kalyan Yojana through PMJDY accounts, especially for women, led to a surge in new enrollments.
• Bank Mitras Network: The availability of 8.50 lakh Bank Mitras contributes significantly to the ease of account opening and maintenance, making PMJDY popular in rural areas.

Challenges Faced

• RuPay ATM Debit Cards: Despite the program’s success, there is a challenge in issuing RuPay ATM debit cards to beneficiaries. Out of 50.63 crore account holders, only 35 crore have been issued these cards, indicating a substantial gap.

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