PM Modi applauds as Jan Dhan accounts cross 50 crore mark

NEW DELHI: The number of Jan Dhan accounts has crossed the milestone of 50 crores, earning praise from Prime Minister Narendra Modi. This achievement underscores the government’s commitment to making banking services accessible to all, an official release said.

Prime Minister Modi expressed his delight at this milestone and highlighted the significance of women’s empowerment in this achievement. “This is a significant milestone. It is heartening to see that more than half of these accounts belong to our Nari Shakti”, he said. The term ‘Nari Shakti’ refers to the collective power and strength of women.

In his tweet, PM Modi further emphasised the broad reach of financial inclusion efforts, stating, “With 67 pc of accounts opened in rural and semi-urban areas, we are also ensuring that the benefits of financial inclusion reach every corner of our nation”.

The Jan Dhan Yojana, launched in August 2014, has been instrumental in bringing millions of unbanked and underbanked individuals into the formal banking system. It aims to provide financial services such as savings accounts, insurance, and credit facilities to those who were previously excluded from the banking sector.

The programme’s success in reaching rural and semi-urban areas and its significant female participation underscore its effectiveness in bridging financial gaps and empowering individuals across the country.

The total number of bank accounts under Pradhan Mantri Jan Dhan Yojana crossed 50 crore earlier this month, the government said in a release on Friday.

As per the latest reports submitted by banks, the total number of Jan Dhan accounts has crossed 50 crore as on 9th August 2023. Out of these accounts, 56 per cent of accounts belong to women and 67 per cent of accounts have been opened in rural/semi-urban areas, the Ministry of Finance said.

The ministry further stated that the deposits in these accounts are above Rs 2.03 lakh crore and about 34 crore RuPay cards have been issued in these accounts free of cost. The average balance in PMJDY accounts is Rs 4,076 and more than 5.5 crore PMJDY accounts are receiving DBT benefits

The zero-balance Jan Dhan bank account holder was given a debit card and guaranteed insurance of Rs 1 lakh rupees to deal with any contingency.

Among the key announcements made by Prime Minister Narendra Modi in his maiden Red Fort address in 2014 was the ‘Pradhanmantri Jan-Dhan Yojana’, which was aimed at the financial inclusion of citizens and banking the unbanked. (ANI)