PMJDY Has Brought Financial Dignity To The Disadvantaged, Says PM Modi

Prime Minister Narendra Modi on Tuesday stated that the Pradhan Mantri Jan Dhan Yojana (PMJDY) has significantly improved access to financial services for the most economically disadvantaged, bridging the divide between banks and the unbanked, while fostering dignity, independence, and broader economic inclusion.

To mark 11 years of the initiative, the Prime Minister shared an article detailing the social welfare scheme’s transformative role in reaching underserved populations.

“Pradhan Mantri Jan Dhan Yojana has transformed access to financial services for the poorest. It has bridged the gap between banks and the unbanked, promoting dignity, self-reliance and economic inclusion,” read a post from the Prime Minister’s Office on X.

Launched in August 2014, PMJDY has played a crucial role in connecting unbanked citizens with the formal financial system through the introduction of basic savings accounts.

These come with added features like RuPay debit cards and an overdraft facility.

Over 55 Crore Accounts Opened Under PMJDY

Minister of State for Finance Pankaj Chaudhary stated in the Lok Sabha that beneficiaries have opened over 55.90 crore accounts under the PMJDY to date.

The government has also launched several initiatives to deepen financial inclusion and ensure basic banking services translate into active participation in the formal economy, including access to credit.

Since PMJDY began, 53.85 crore loans totalling over Rs 35.13 lakh crore, sanctioned through the Pradhan Mantri MUDRA Yojana (PMMY), which provides collateral-free loans of up to Rs 20 lakh to micro and small businesses, promoting self-employment and income generation.

Additional credit-focused schemes like Stand-Up India (SUPI), PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi), PM Vishwakarma, and the Prime Minister’s Employment Generation Programme (PMEGP) have been implemented to support SC/ST and women entrepreneurs, street vendors, artisans, and other micro-enterprises.

To further strengthen credit assessments, especially for individuals without formal credit histories, the government is adopting technology and alternative data tools.

A new Grameen Credit Score system now aids the appraisal of Self-Help Group (SHG) borrowers and rural communities, including farmers and marginalised groups.

This measure is likely to improve credit access and enhance the accuracy of lending decisions across rural India.

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