In a monumental achievement that underscores India’s steadfast commitment to financial inclusion, the Pradhan Mantri Jan Dhan Yojana (PMJDY) has been recognized by the Guinness World Records for an extraordinary accomplishment –opening a staggering 18,096,130 bank accounts within the span of just one week.
This remarkable feat, spearheaded by the Department of Financial Services, reflects the government’s relentless efforts to bridge the financial divide in the country.
Pradhan Mantri Jan Dhan Yojana (PMJDY):
August 2024 marked the completion of a decade since the PMJDY was launched by Prime Minister Narendra Modi from the Red Fort on August 28, 2014.
Achievements:
- Over 52.81 crore accounts opened as of August 2024.
- Supports Direct Benefit Transfers (DBT) and social security schemes.
- Financial empowerment through savings, insurance, and credit facilities.
Key Features:
- Basic savings accounts that require no minimum balance and still earn interest like regular accounts.
- These accounts come with RuPay debit cards and accident insurance coverage, which was initially set at Rs 1 lakh but later increased to Rs 2 lakh for accounts opened after August 28, 2018.
- Account holders are eligible for an overdraft facility of up to Rs 10,000, providing a safety net for emergencies.
- These accounts are integrated with other government financial schemes such as Direct Benefit Transfers (DBT), the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), and the MUDRA loan scheme, offering a comprehensive package of financial support
Impact on Governance and Welfare:
- Improved transparency through DBT, eliminating intermediaries.
- Addressed inefficiencies, ensuring 100% of benefits reach beneficiaries.
- Key during COVID-19 pandemic, with Rs 500 transferred to over 20 crore women for three months.
- The accounts serve as a foundation for direct benefit transfers, social security schemes, and economic empowerment, and have contributed to a nationwide reduction in poverty.
- The initiative’s impact has been felt across the country, bringing financial dignity to millions who were previously unbanked.
State-Level Implementation:
- Assam’s Orunodoi scheme aligns with PMJDY, benefiting over 37.2 lakh women.
- Upliftment of marginalized communities through targeted financial aid.
- This scheme, aligned with PMJDY, has transformed lives across Assam, where the State has also surpassed the milestone of 2.42 crore Jan Dhan bank accounts.
Digital India and JAM Trinity:
- Integration of Jan Dhan, Aadhaar, and mobile technology.
- India’s leadership in digital payments, contributing to 40% of global real-time transactions.
- World Bank recognized the rapid progress achieved in just six years.
PMJDY is more than a financial inclusion program; it represents a transformative approach to governance and societal upliftment. The initiative has empowered marginalized sections, fostered economic growth, and ensured dignity and opportunity for all citizens. As India progresses, PMJDY continues to play a pivotal role in building a financially inclusive nation.
