Jan Dhan Yojana: Financial Inclusion and Empowerment for the underprivilaged

The Ministry of Finance, through its financial inclusion led interventions, is committed to provide financial inclusiveness and support to the marginalised and hitherto socio-economically neglected classes. Through Financial Inclusion (FI) we can achieve equitable and inclusive growth of the nation. Financial Inclusion stands for delivery of appropriate financial services at an affordable cost, on timely basis to vulnerable groups such as low-income groups and weaker sections who lack access to even the most basic banking services.

It is important as it provides an avenue to the poor for bringing their savings into the formal financial system, an avenue to remit money to their families in villages besides taking them out of the clutches of the usurious money lenders. A key initiative towards this commitment is the Pradhan Mantri Jan Dhan Yojna (PMJDY), which is one of the biggest financial inclusion initiatives in the world.

PMJDY was announced by Prime Minister, Shri Narendra Modi in his Independence Day address on 15th August 2014. While launching the programme on 28th August, the Prime Minister had described the occasion as a festival to celebrate the liberation of the poor from a vicious cycle.

Jan Dhan Yojana

Pradhan Mantri Jan Dhan Yojana is a national investment government scheme that aims to provide financial freedom by providing banking services to financially backward families in India

PMJDY is National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/Savings & Deposit Accounts, Remittance, Credit, Insurance and Pension in an affordable manner.

Pradhan Mantri Jan Dhan Yojana (PMJDY), one of the world’s largest investment programmes, was announced by Prime Minister Narendra Modi on 15 August 2014. Launching the programme on August 28, the Prime Minister described the event as a celebration of the liberation of the poor from a vicious cycle. Modi was referring to an ancient Sanskrit verse: Sukhasya Moolam Dharma, Dharmasya Moolam Artha, Arthasya Moolam Rajyam – who puts the government in charge of putting people in economic activities. “This Government has accepted the job,” said the Prime Minister, and the government has kept its promise in a timely manner.

This plan ensures access to a variety of financial services such as the availability of a savings bank account, access to credit-based credit, cash withdrawal, insurance and pensions.

Guinness World Records also saw the success made under Pradhan Mantri Jan Dhan Yojana. It confirmed that “Most of the bank accounts have been opened in one week as part of the investment campaign and approved by the Ministry of Finance, Government of India.”

Contrary to the original target of opening 7.5 crore bank accounts for undisclosed families in the country on January 26, 2015, banks have opened 12.54 crore accounts since 31 January 2015 after conducting a survey of 21.06 million households with more than a deposit of Rs. 10,000. The target was set after conducting a survey of 21.02 million households in the country. Today, almost 100% coverage has been achieved. Of these open accounts, 60% are in rural areas, and 40% are in urban areas. The share of female account holders is around 51%.

Financial Inclusion

Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way

very Household to every Adult

Financial inclusion is a major step towards inclusive growth which ensures the overall economic development of the marginalised sections of the society. The success of the PMJDY since August 28, 2014 is reflected in terms of opening of over 46 crore bank accounts with deposit balance of Rs 1.74 lakh crore with its expanded coverage to 67% rural or semi-urban areas as well as 56% of women Jan Dhan account holders. Continuation of PMJDY beyond 2018 saw a marked shift in approach to meet challenges and requirements of emerging FI landscape in the country. There has been a shift in focus from “every household’ to “every adult”, with added emphasis on usage of accounts by enhancing Direct Benefit Transfer (DBT) flows through these accounts, promoting digital payments through the use of RuPay cards,

Aims and Objectives of PMJDY

Key objective of the PMJDY is to ensure access of financial services such as basic savings & deposit accounts, insurance, pension, credit and remittance to all households at an affordable cost


What are the characteristics of Jan Dhan Yojana?

Key Features of Pradhan Mantri Jan Dhan Yojana

  • Account holder receives Rupay debit card.
  • No minimum balance is required.
  • Rs. 1 lakh of accident insurance cover free.
  • Accounts opened after 28.8.18 will get accidental cover of Rs 2 lakh.

What is the slogan of PMJDY?

The slogan of the scheme is “Mera Khaata, Bhagya Vidhata” meaning (“My account, fortune maker”) The scheme was launched after the failure of previous government schemes, including Swaabhimaan.

Who is eligible for Jan Dhan Yojana?

The person should be between the age group of 18 years to 59 years. The person was expected to be an earning member of the family or the head of the family.

Who manages Jan Dhan Yojana?

Launched in 2014, the Pradhan Mantri Jan Dhan Yojana (PMJDY) is a scheme run by the Ministry of Finance of the Government of India.

What are the limitations of Jan Dhan account?

Small PMJDY holders can have a total credit of not more than 1 lakh a year. The maximum balance must not exceed Rs 50,000 at any time. In a month the total debit by cash withdrawals should not surpass Rs. 10,000

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Apna Samaaj

Our mission at Apna Samaaj is to connect underprivileged communities in India with the resources and opportunities they need to thrive. We aim to create a comprehensive platform that provides access to welfare schemes from government bodies and NGOs, as well as private organizations, helping to bridge the gap between those in need and those who can provide support. Through our efforts, we strive to empower individuals and communities, drive economic growth, and make a positive impact on society.