In a revelation, recent data shows that the total deposits in Jan Dhan Yojana accounts have now surpassed the market capitalization of Jio Financial, a company led by Asia's richest man, Mukesh Ambani. This astonishing figure underscores the sheer scale of financial inclusion achieved over the past decade through the government’s flagship scheme.
Ten years ago, the Indian government launched the Pradhan Mantri Jan Dhan Yojana (PMJDY) with the ambitious goal of ensuring financial inclusion for the poor. Since then, over 53 crore Jan Dhan accounts have been opened across the country. The deposits in these accounts now total more than ₹2.31 lakh crore, exceeding the market cap of Jio Financial, which stands at ₹2.06 lakh crore.
Union Finance Minister Nirmala Sitharaman revealed that an additional three crore accounts are projected to be opened in the current financial year. The total deposit amount under PMJDY was ₹15,670 crore in March 2015 and has surged to over ₹2.31 lakh crore by August 2024. As of mid-August 2024, India boasts over 173 crore active current and savings accounts, including the 53 crore Jan Dhan accounts.
Prime Minister Narendra Modi, marking the scheme’s 10th anniversary, praised its success in enhancing financial inclusion and providing dignity to millions. In a post on X, he highlighted the scheme’s role in integrating marginalised communities into the economic mainstream. Finance Minister Sitharaman also emphasised the scheme's significance in transforming the country's financial landscape by offering accessible banking services to the previously unbanked.
The unprecedented scale of deposits in Jan Dhan accounts not only highlights the impact of the scheme but also serves as a testament to the financial empowerment of India’s poorest citizens.
