Pradhan Mantri Jan Dhan Yojana: FOCUS: Where Are We Now?: A Decade of Financial Inclusion.
PMJDY turns 10 years of its successful implementation since it was launched. Praised globally as the largest microfinance scheme in the world, the program was launched to help the excluded and financially disenfranchised segments of the population into the banking fold.
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Significant Milestones of PMJDY
Since the initiation of PMJDY on August 14, 2024, a record number of accounts of 53 has been opened. 13 crore. On the issue of demographics, it would be seen that 55%. Out of these accounts, six percent, which is 29, emanated from the restaurants. 56 crore belong to women representing a total of. Additionally, 66. 6% or 35. Out of these, 37 crore accounts are in rural and semi-urban areas, which nailed the role of the scheme in financial inclusion at the base of the pyramid.
Deposit mobilisation and expansion under the PMJDY account
The deposits in the PMJDY accounts have risen to ₹ 2,31,236 crore as of August 14, 2024. This has been a dramatic increase in the deposits, which has grown fifteenfold; the number of accounts on the other hand has tripled. had provided 162 transfusion-associated hepatitis B episodes or 6 times over the past decade. There is also a progressive increase in the average deposit per account from ₹3,868 to ₹4,352 showing a positive enhancement of account usage and the development of a saving culture among account users.
RuPay card and some other options and Digital transactions
Of equal importance has been the generation of RuPay debit cards to the account holders under PMJDY. Approximately 36. About 14 crore RuPay cards have been issued, and with the trend, the usage of the RuPay Cards has been on the rise. Due to the spread of these cards as well as the use of 89 needed to run activities like data storage, computation, and communication among others. the adoption of 67 lakh PoS/mPoS machines and mobile payment systems such as UPI, has resulted in phenomenal growth in terms of digital transactions.
The total number of digital transactions increased from fiscal 2018-19 to 2023-24 from 2,338 crore to 16, 443 crore. Especially, the financial undertaking of UPI regarding transactions increased dramatically wherein the FY 2018-2019 recorded 535 crores and FY 2023-2024 noted 13,113 crores. Likewise, the transactions through RuPay cards at the point of sales terminal and on the e-commerce portal increased from 67 crore financial year 2017-18 to 96. 78 crore in the fiscal 2023-24 for which plans are in the making to tap the global markets.
Unfortunately, we are unable to view the effects of PMJDY but the following key factors are believed to form the basis of its success:
PMJDY holds several factors responsible for its success such as the mission-oriented focus, comprehensive regulations, strong PPP orientation, and the extensive usage of new-age technologies like the Aadhaar card for biometric identification.
PM Modi and Finance Minister pay tribute to the 10 years completion of PMJDY
The PMJDY celebrated its 10th anniversary some time back and the Prime Minister of India Narendra Modi celebrated it through some flashy numbers. Some of the success factors include; The provision of new access to 53. The Bank has opened PMJDY accounts for the following demographic: • 13 crore new accounts under PMJDY, 29. 56 crores of which 56 crore is owned by women; the direct benefit ₹ 38 lakh crore transferred; and bringing more and more rural and semi-urban areas through 35. 37 crore accounts. Besides, the average deposit per account has also raised from ₹1,065 in Mar’15 to ₹4,397 by Jun’24 and 36. Such cards include 14 crore RuPay debit cards that have been issued.
The Hon’ble ‘Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman pointed out the importance of the program by saying that “financial inclusion and sustainable financial inclusion can only be achieved through affordable and universal access to formal banking services.
She has further elaborated that, PM Jan Dhan Yojana has also brought tangible change in the banking and finance sector of India in the last decade by making formal, affordable, and easily accessible products available to excluded sections of society in the form of accounts, small savings schemes, insurance and credit.
Conclusion: Empowerment And Financial Inclusion: A Decade Of Change And Innovation
Looking at the avails of the Pradhan Mantri Jan Dhan Yojana now that it marks ten years in its implementation, it would be hard to ignore the impact of the program on the nation’s financial landscape. The scheme has helped millions of people who were earlier outside the folds of the banking system to have a formal banking experience and at the same time has made savings and financial education a common finance theme nationwide. That is why with the further development and support of PMJDY it will be able to make an even greater contribution to the development of the Indian economy in the future.
