PM Jan Dhan Yojana Reaches 54 Crore Accounts Across The Country

As of November 13, 2024, the number of opened accounts across the country under PM Jan Dhan Yojana was approximately 53.99 crores. This achievement attests to the success of this initiative by the government in achieving bank accessibility among the unbanked population.

Pradhan Mantri Jan Dhan Yojana (PMJDY) has shown tremendous growth in the state of Gujarat; until now, 1.90 crore accounts have been opened. In this regard, this program has been rather indispensable in bringing rural and poorer classes of society under the organized banking system.

The overdraft facility worth Rs 10,000 is designed for eligible account holders to access under PMJDY. This facility enables recipients to have an overdraft of up to Rs 10,000 in case the immediate need arises, creating a cushioning effect on their financial requirements. Million-plus account holders have thus been empowered by this particular feature as they are being permitted to draw short-term credits without pledging any security at their end.

Another significant benefit under the scheme is accident insurance coverage provided to the account holders. The PMJDY accounts issued to the account holder contain accident insurance coverage to the tune of Rs 2 lakh. For this benefit, the cardholder must have performed at least one successful financial or non-financial transaction using the RuPay debit card within 90 days prior to the accident date, including the date of the accident.

This facility has not only brought economic security for poverty-stricken families but also financial assistance during a calamity.

Launched in the year 2014, PMJDY has quickly become the core of India's financial inclusion programme. It has been made to offer zero-balance savings accounts, direct benefits transfer, and a financial literacy programme. Connecting millions of underprivileged to the formal banking structure will reduce the economic disparity by enhancing financial resilience.

Such inclusions of facilities like overdrafts and insurance indicate a very holistic approach to the scheme that not only provides access to banking but also a safety net and financial empowerment for the beneficiaries. As PMJDY continues to expand its reach, it is transforming millions of lives and fostering an inclusive and secure financial ecosystem all over India.