On the eve of the 10th anniversary of the Pradhan Mantri Jan-Dhan Yojana (PMJDY), Union Minister for Finance and Corporate Affairs Ms. Nirmala Sitharaman announced the government’s goal to open more than 30 million new PMJDY accounts in the fiscal year 2024-25. As of August 14, 2024, a total of 531.3 million Jan-Dhan accounts have been opened since the program’s inception ten years ago, holding a combined deposit balance of US$ 27.64 billion (Rs. 2.3 trillion). The average account balance has risen from US$ 12.68 (Rs. 1,065) in March 2015 to US$ 51.83 (Rs. 4,352) as of August 16, 2024, with approximately 80% of these accounts currently active.
Further she emphasized the significant role PMJDY has played during the pandemic, especially for women. Despite the accounts allowing for zero balance and having no minimum balance requirement, only 8.4% of accounts maintain a zero balance. The scheme has shown notable success in rural and semi-urban areas, where 66.6% of the accounts are situated. As of August 14, 2024, female account holders make up 55.6% of the total accounts, totalling 295.6 million accounts, as reported by the Ministry of Finance.
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