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Key Points

PM Modi celebrated Jan Dhan Yojana's 11-year journey, crediting it for banking 55.9 crore Indians. The scheme offers RuPay cards and overdraft facilities to empower the unbanked. Over ₹35 lakh crore in loans were disbursed under MUDRA Yojana to support small businesses. The government also introduced a Grameen Credit Score to expand rural credit access.

Key Points: PM Modi Says Jan Dhan Yojana Empowered 55 Crore Unbanked Indians

  • Jan Dhan Yojana opened 55.9 crore accounts since 2014
  • RuPay cards and overdraft facilities boosted financial access
  • MUDRA Yojana sanctioned ₹35.13 lakh crore in loans
  • Govt launched Grameen Credit Score for rural borrowers
2 min read

Jan Dhan Yojana transformed access to financial services for the poorest: PM Modi

PM Modi highlights Jan Dhan Yojana's success in banking 55.9 crore Indians, fostering financial inclusion and self-reliance through RuPay and overdraft facilities.

Jan Dhan Yojana transformed access to financial services for the poorest: PM Modi
"Jan Dhan Yojana bridged the gap between banks and the unbanked, promoting dignity and economic inclusion – PMO India"

New Delhi, Aug 5

Pradhan Mantri Jan Dhan Yojana (PMJDY) has transformed access to financial services for the poorest by bridging the gap between banks and the unbanked, promoting dignity, self-reliance and economic inclusion, Prime Minister Narendra Modi said on Tuesday.

The PM shared an article on how the Pradhan Mantri Jan Dhan Yojana has transformed access to financial services for the poorest as the social welfare scheme completed 11 years.

"Pradhan Mantri Jan Dhan Yojana has transformed access to financial services for the poorest. It has bridged the gap between banks and the unbanked, promoting dignity, self-reliance and economic inclusion," PMO India said in a post on X.

The launch of PMJDY in August 2014 has marked a significant step in banking the unbanked by facilitating the opening of basic savings bank deposit accounts, with associated features such as RuPay debit cards and an in-built overdraft facility.

As of date, over 55.90 crore accounts have been opened under PMJDY, Minister of State for Finance, Pankaj Chaudhary, said in a written reply to a question in Lok Sabha.

The government has taken many initiatives to deepen financial inclusion and ensure that access to basic banking services leads to meaningful participation in the formal financial system, including access to credit.

At the same time, since its inception, 53.85 crore loans amounting to over Rs 35.13 lakh crore have been sanctioned under the Pradhan Mantri MUDRA Yojana (PMMY).

The PMMY provides collateral-free credit of up to Rs 20 lakh to micro and small enterprises, thereby enabling self-employment and income generation.

Dedicated schemes such as Stand-Up India (SUPI), PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi), PM Vishwakarma, and the Prime Minister’s Employment Generation Programme (PMEGP) have been implemented to expand credit access for SC/ST and women entrepreneurs, street vendors, artisans, and other micro-enterprises, said the minister.

To strengthen credit assessment frameworks for individuals lacking conventional credit history, the government is leveraging technology and alternative data sources.

A Grameen Credit Score has been announced to support credit appraisal of Self-Help Group (SHG) borrowers and rural populations, including farmers and marginalised communities.

This initiative is expected to enhance the quality and objectivity of credit decisions and facilitate improved access to formal credit in rural areas.

- IANS

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Reader Comments

S
Shreya B
While the scheme is good, many villagers still don't know how to use these accounts properly. Government should focus more on financial literacy programs along with account opening.
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Aman W
My chaiwala bhaiya used MUDRA loan to buy 2 more stalls. From earning ₹300/day to ₹1500/day! Desh badal raha hai 🇮🇳
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Priya S
Great initiative but banks need to be more cooperative. My mother had to visit branch 3 times just to get her Jan Dhan account activated. System needs improvement!
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Varun X
Direct benefit transfers through these accounts have reduced corruption in our village. No more middlemen taking cuts from widow pensions! Big win for transparency.
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Nisha Z
As a small business owner, PMMY was lifesaver during pandemic. Got ₹5 lakh loan without collateral when all private lenders refused. Repaid fully within 2 years!

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