11 years of PM Jan Dhan Yojana: Impact made and outlook

The PMJDY has profoundly transformed India’s financial landscape. The scheme has been instrumental in moving from financial exclusion towards near-universal banking access in just over a decade—a feat recognised globally as a model for financial inclusion

The Pradhan Mantri Jan Dhan Yojana (PMJDY) has recently marked 11 years since its launch in August 2014, and stands as the world’s largest financial inclusion initiative. This flagship program was designed to provide universal access to banking and financial services to the previously unbanked segments of India’s population, particularly targeting rural, semi-urban areas, women, and economically vulnerable groups.

PMJDY achievements over 11 years

♦ Over 56 crore bank accounts have been opened under PMJDY, as of August 2025, with cumulative deposits exceeding Rs2.67 lakh crore.

♦ Accounts are predominantly held in rural and semi-urban areas (67%) and by women (over 55%), highlighting the program’s success in reaching underserved demographics.

♦ The program integrated financial services beyond basic savings, including insurance, pension schemes, overdraft facilities, and RuPay debit cards with accident insurance, further deepening financial inclusion.

♦ PMJDY has been a game-changer by enabling Direct Benefit Transfers (DBT), reducing leakage in subsidy distribution, thereby improving transparency and the efficiency of government welfare schemes.

Business Correspondents (BCs) have played a pivotal role as the frontline delivery channel for PMJDY. Acting as banking agents, BCs bring financial services directly to the customer’s doorstep, especially in remote rural areas where brick-and-mortar branches are sparse.

♦ As trusted intermediaries, BCs have enabled households to open zero-balance Basic Savings Bank Deposit Accounts (BSBDA), facilitate cash-in cash-out transactions, and support banking literacy and assistance.

♦ The presence of BCs has made PMJDY scalable, allowing over 1.35 million “Bank Mitras” or BC agents to deliver branchless banking services nationwide, thereby ensuring last-mile connectivity.

♦ BCs have also contributed significantly to the success of financial inclusion by supporting mobile banking, e-KYC, and digital transactions such as AePS and RuPay card usage, enhancing the program's digital financial ecosystem.

♦ They have been crucial partners in the financial empowerment of women and economically marginalized communities by facilitating product access like micro-credit, micro-insurance, and government welfare transfers, strengthening livelihood opportunities.

Impact and outlook

The combined efforts of PMJDY and BCs have profoundly transformed India’s financial landscape. The scheme has been instrumental in moving from financial exclusion towards near-universal banking access in just over a decade—a feat recognized globally as a model for financial inclusion.

♦ The World Bank has acknowledged that India achieved its financial inclusion targets within six years, a process that would have taken decades without the digital and agent-driven architecture PMJDY implemented.

♦ By fostering financial literacy, promoting digital payments, and ensuring formal savings mechanisms, PMJDY has improved economic resilience and inclusion for millions of Indians.

♦ The ongoing saturation drive, with frequent banking camps and KYC updates, reinforces the objective to cover every household, leaving no one behind in the financial system.

PMJDY has not only expanded the banking footprint but has also empowered the poor, women, and rural communities by integrating them into India’s formal economy. Business Correspondents are the backbone of this transformation, enabling accessibility, affordability, and trust at the grassroots level, thus sustaining the vision of financial inclusion for all. This 11-year journey stands as a testament to effective governance, digital innovation, and committed public-private partnership in reshaping India’s financial ecosystem.

(Author is CEO, Business Correspondent Resource Council)