Pradhan Mantri Jan Dhan Yojna

Pradhan Mantri Jan Dhan Yojana (PMJDY, transl. Prime Minister's People's Wealth Scheme) is a monetary inclusion program of the Government of India open to Indian citizens (minors of age 10 and older also can open an account with a mum or dad to manage it), that objectives to make bigger low-priced get right of entry to to monetary offerings which includes financial institution debts, remittances, credit, insurance and pensions. This financial inclusion marketing campaign was launched by the Prime Minister of India Narendra Modi on 28 August 2014.[1] He had introduced this scheme on his first Independence Day speech on 15 August 2014.

Run with the aid of Department of Financial Services, Ministry of Finance, below this scheme 15 million financial institution bills have been opened on inauguration day.[2][3] The Guinness Book of World Records identified this success, mentioning: "The maximum bank accounts opened in a single week as a part of the financial inclusion marketing campaign is 18,096,one hundred thirty and was executed through the Government of India from August 23 to 29, 2014".[4] By 27 June 2018, over 318 million financial institution debts were opened and over ₹792 billion (US$12 billion) had been deposited below the scheme.


The scheme became launched by way of Prime Minister Narendra Modi on 15 August 2014. Slogan of the Scheme is "Mera Khatha, Bhagya Vidhatha" (that means "My account, fate restorer")[6] The scheme became launched after the failure of previous government schemes, inclusive of Swabhimaan. Swabhimaan changed into a 2011 marketing campaign of the Government of India which aims to convey banking services to big rural areas.


Pradhan Mantri Jan-Dhan Yojana statistics as on 14 Jan 2021 (All figures in crore)

Jan dhan Yojana introduced by way of Prime Minister Narendra Modi on 15 August 2014 and the scheme turned into released on 28 August 2014. The goal of starting the scheme is ready fifty nine% of rural girls within the name of women, more than 50% of the debts of centers assured inside the united states.

Bank Type Number of Accounts Balance in Accounts Number of RuPay Cards
Rural/SemiUrban Rural Female Urban Total
Public Sector Banks 20.21 18.09 12.77 32.98 106471.60 26.13
Regional Rural Banks 6.51 4.29 0.92 7.43 26547.44 3.39
Private Banks 0.69 0.69 0.56 1.25 4176.90 1.12
Total 27.40 23.07 14.25 41.65 137195.93 30.65


Due to the arrangements carried out inside the run-up, as stated above, at the inauguration day, 15 million bank debts were opened. The Prime Minister said on this event- "Let us have fun these days because the day of financial freedom." By September 2014, 30.2 million debts were opened with State Bank of India 2.Ninety nine million accounts, Canara Bank 1.621 million bills, Central Bank of India 1.598 million money owed and Bank of Baroda with 1.422 million accounts. On 20 January 2015, the scheme entered into Guinness book of global statistics setting new record for 'The maximum financial institution money owed opened in one week'.

The balance in Jan Dhan debts rose through extra than ₹270 billion (US$three.8 billion) among 9 November 2016 and 23 November 2016. 1.Nine million householders have availed the overdraft facility of ₹2.56 billion (US$36 million) through May 2016. Uttar Pradesh and West Bengal have were given 29% of the total deposits under the scheme, while Kerala and Goa have become the primary states inside the united states of america to provide one fundamental financial institution account to every family.

The overall wide variety of account holders stood at 294.8 million, inclusive of 176.1 million account holders from rural and semi-city branches. A overall of 227 million RuPay cards had been issued via National Payments Corporation of India (NPCI) till August 2017. The amount of deposits rose to ₹656.97 billion (US$9.2 billion) via August 2017.

According to numerous studies, "Beyond permitting account possession and the use of monetary offerings, the PMJDY additionally facilitated economic inclusion for a diffusion of demographics. While the programme has made good sized headway closer to actual economic inclusion, it is clear that enhancing policy communique, widening and deepening progress in low-income states, and ironing out the kinks within the financial institution-agent model could be critical if those tough-fought profits are to prove sustainable." At least 300 million new families have were given Jan Dhan bills wherein nearly ₹650 billion (US$9.1 billion) had been deposited, Prime Minister Narendra Modi said on 28 August 2017, on the eve of third anniversary of the scheme aimed toward monetary inclusion.

As on January 27, 2021, a complete number of forty one.Seventy five crore accounts have been opened beneath Pradhan Mantri Jan Dhan Yojana (PMJDY) out of which 35.96 crore money owed are operative.


The scheme has been criticized by using competition as an attempt to thrill citizens that has created needless paintings-burden on the general public-zone banks. According to the professionals, offers like zero balance, free insurance and overdraft facility would bring about duplication. Many folks who already have financial institution debts may have had debts created for themselves, lured by using the coverage covers and overdraft facilities. As per the scheme, a completely few human beings are eligible to get the lifestyles insurance really worth ₹30,000 (US$420) with a validity of simply five years. The claimed overdraft facility has been absolutely left upon the banks. As in line with the government be aware, most effective those human beings would get the overdraft facility whose transaction report has fine operations of their account for a while.[18] In March 2018, the Government of India stated that round 20% of Jan Dhan debts were mendacity dormant.

In addition, whilst the Indian Government was actively attempting to sell economic inclusion via this scheme, the Reserve Bank of India, accredited banks to rate customers for carrying out ATM transactions beyond a sure quantity of times in keeping with month. This efficaciously prevented humans from without problems having access to their very own financial savings and discouraged them from the usage of formal banking channels.