Over 58 crore Jan Dhan accounts drive financial inclusion, bring millions into formal banking system: FM Sitharaman

Finance Minister Nirmala Sitharaman said that more than 58 crore accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY) have played a key role in bringing millions of Indians into the formal banking system.

In a statement shared by the Finance Minister’s Office on social media platform X, she said the Jan Dhan scheme has ensured that benefits from welfare programmes, pensions, and low-cost insurance reach citizens directly without leakages.

She added that the initiative reflects the government’s broader vision of “Garib Kalyan,” aimed at ensuring dignity, opportunity, and empowerment for every citizen.

Launched in 2014, the Pradhan Mantri Jan Dhan Yojana is one of the world’s largest financial inclusion programmes. According to official data, a significant share of account holders are women, and a majority of accounts have been opened in rural and semi-urban areas.

The government also highlighted that nearly 94% of India’s adult population now has access to banking facilities, reflecting a major expansion of financial inclusion over the past decade.

Under the scheme, beneficiaries receive zero-balance accounts, RuPay debit cards, accident insurance cover, and overdraft facilities, enabling greater access to formal financial services.

Officials further noted that Direct Benefit Transfer (DBT) systems have facilitated the transfer of large-scale welfare funds directly into beneficiary accounts, improving transparency and efficiency in government schemes.