PMJDY Crosses 58 Crore Accounts, Expands Banking Access: FM Sitharaman

The Union Finance Minister, Nirmala Sitharaman, has stated that more than 58 crore accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY) have brought millions of people into the formal banking system.

In a post shared by the finance minister's office on social media platform X, Sitharaman has stated that the scheme has helped ensure that welfare benefits, insurance support and pension payments reach beneficiaries directly through bank accounts.

Launched on August 28, 2014, PMJDY was introduced to provide access to banking services for individuals who did not have bank accounts. The scheme aims to promote financial inclusion by offering basic banking facilities to households across the country.

According to the information shared by the minister's office, women account for 56 per cent of all Jan Dhan account holders. Around 67 per cent of the accounts have been opened in rural and semi-urban areas.

DBT Transfers And Banking Access

The government has highlighted that Jan Dhan accounts have played a key role in facilitating Direct Benefit Transfer (DBT) payments. It has been stated that nearly Rs 45 lakh crore has been transferred directly to beneficiaries through the DBT system. The use of bank accounts for benefit transfers is intended to reduce delays and improve the delivery of government welfare schemes.

The minister's office has stated that 94 per cent of the adult population now has access to a bank account. Jan Dhan accounts do not require a minimum balance and come with features such as a RuPay debit card, accident insurance cover and overdraft facilities, subject to eligibility conditions.

Focus On Economic Reforms

The update on PMJDY comes days after Sitharaman reiterated the government's focus on economic reforms following the release of provisional GDP estimates for FY2025-26.

Speaking about the economy, Sitharaman has stated that the government would continue to pursue policy reforms to support economic activity amid global uncertainties. Her comments followed official estimates showing that the economy is expected to grow by 7.7 per cent in real terms during FY2025-26.

In a separate post on X, Sitharaman has noted that sectors such as manufacturing, trade, repair services, hotels, transport, communication, storage, financial services, real estate and professional services recorded double-digit growth in both real and nominal terms during the financial year.

She has added that real Gross Value Added (GVA), a measure of economic activity across sectors, is estimated to have grown by 7.9 per cent in FY2025-26.