Finance Minister Nirmala Sitharaman said on Aug 28 that Jan Dhan Yojana-led interventions and digital transformation have revolutionised financial inclusion in the country, with more than 50 crore people enrolled in the formal banking system and deposits totaling Rs 2 lakh crore. On the ninth anniversary of the Pradhan Mantri Jan Dhan Yojana (PMJDY), one of the world's largest financial inclusion initiatives, Sitharaman said in her message that 55.5 percent of bank accounts were opened by women, and 67 percent were opened in rural/semi-urban areas.

The scheme increased the number of bank accounts by 3.4 times, from 14.72 crore in March 2015 to 50.09 crore on August 16, 2023.Total deposits too have swelled from Rs 15,670 crore as of March 2015, to over Rs 2.03 lakh crore as of August 2023.

The average deposit in a Jan Dhan account has increased 3.8 times since March 2015, rising to Rs 4,063 in August 2023. A total of 34 crore RuPay cards have been issued free of charge to these accounts, which also include a Rs 2 lakh accident insurance cover.

The scheme's zero-balance accounts have been reduced to 8% of total accounts as of August 2023, down from 58% in March 2015.

"The 9 years of PMJDY-led interventions and digital transformation have revolutionised financial inclusion in India," Sitharaman said. The PMJDY stands out as a pivotal initiative, changing the landscape of financial inclusion in the country, thanks to the collaborative efforts of stakeholders, banks, insurance companies, and government officials..."