Launched on August 28, 2014, by Prime Minister Narendra Modi, the Pradhan Mantri Jan Dhan Yojana (PMJDY) has emerged as a cornerstone of India’s socio-economic transformation, redefining financial inclusion within the country and setting a global benchmark. Described by PM Modi as a “festival to celebrate the liberation of the poor from a vicious cycle," PMJDY aimed to bring every unbanked household into the formal financial system. Over the past decade, it has achieved unprecedented success, revolutionising access to banking, enabling seamless government transfers, empowering marginalised communities, and laying the foundation for India’s digital financial ecosystem. The initiative’s positive impact has extended way beyond initial expectations and provides an apt benchmark for the world in financial inclusion.

PMJDY’s ambition to provide universal banking access was audacious in a country where, in 2014, more than half of households lacked access to formal banking. The scheme’s design -zero-balance accounts, minimal paperwork, and free RuPay debit cards with accident insurance – made it accessible to the poorest. Its global significance lies in its scale and speed. A 2023 World Bank G20 report noted that India achieved its financial inclusion goals in just six years, a process that would have taken 47 years without its advanced digital infrastructure. By 2024, India surpassed China in financial inclusion metrics, with mobile and internet banking transactions soaring from 183 per 1,000 adults in 2015 to 13,615 in 2020.

The scheme’s focus on inclusivity – targeting women, rural populations, and marginalised communities – set a new standard. With 55.6 per cent of accounts held by women (29.56 crore out of 53.13 crore) and 66.6 per cent in rural/semi-urban areas (35.37 crore), PMJDY bridged gender and regional disparities. Its consent-based integration with Aadhaar and mobile numbers created a robust framework for financial access, inspiring countries in Africa and South Asia to adopt similar models through India’s Global DPI Repository.

PMJDY’s performance over the past ten years is a testament to its transformative impact. As of August 2024, the scheme has opened 53.13 crore accounts, with cumulative deposits exceeding Rs 2.3 lakh crore. By July 2025, this figure grew to 55.44 crore accounts with deposits surpassing Rs 2.5 lakh crore, according to........

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