PM Modi celebrates 10 years of Jan Dhan Yojana: '30 crore women Have benefitted'

Prime Minister Narendra Modi marked the 10th anniversary of the Jan Dhan Yojana on Wednesday, celebrating the scheme's remarkable success and its impact on millions of Indians, particularly women. In a detailed blog post on narendramodi.in, the Prime Minister reflected on the challenges and skepticism that surrounded the scheme’s launch in 2014 and the significant milestones it has achieved over the past decade.

The Jan Dhan Yojana, launched on August 28, 2014, has now crossed the 53 crore mark in beneficiaries, with 55.6% of account holders being women. This means that more than 30 crore women, a figure comparable to the entire population of the United States, have been brought into the formal banking system.

"For me, this initiative was more than just a policy – it was an endeavor to build an India where every citizen, regardless of their economic background, has access to formal banking services," PM Modi wrote.

He summarized the success of the flagship scheme in two parts. The first focuses on the impressive numbers: Over 53 crore people who never imagined they would enter a bank now have accounts, with a total deposit balance exceeding ₹2.3 lakh crore. Furthermore, 65% of these accounts are in rural or semi-urban areas, extending financial inclusion beyond metropolitan centers. The Prime Minister also highlighted that direct transfers worth almost ₹39 lakh crore have taken place through these accounts.

The second part of the success story, according to PM Modi, is the transformative impact the scheme has had on women, the downtrodden, and marginalized communities. "Jan Dhan Yojana has been a game-changer for women's empowerment. Almost 30 crore women are now part of the banking system," he noted. The scheme has also benefitted families from Scheduled Castes (SC), Scheduled Tribes (ST), Other Backward Classes (OBC), as well as those from middle and neo-middle-class backgrounds.

PM Modi emphasized that Jan Dhan has become a cornerstone of the JAM Trinity – Jan Dhan, Aadhaar, and Mobile – which has driven a digital payments revolution in India, especially in the latter half of the last decade.

Reflecting on the situation before 2014, the Prime Minister pointed out the difficulties in opening bank accounts and how seamless banking was not accessible to all. "Many of you, especially the youth, might wonder why this is such a big deal. In today’s age, having a bank account seems basic and almost taken for granted. However, in 2014, nearly half of Indian households had no access to banking. The lack of financial security held back countless dreams," he explained.

PM Modi recalled the initial skepticism surrounding the Jan Dhan Yojana. "When the scheme was launched, many questioned whether it was possible to bring such a large number of people into the banking system. Could this effort lead to any meaningful change? Yes, the challenge was immense, but so was the determination of the Indian people to make it a reality," he concluded.