Jan-Dhan Accounts Cross 500 Million, PM Terms it “Significant Milestone”

New Delhi: Prime Minister Narendra Modi on Saturday said it is a “significant milestone” that the flagship scheme for financial inclusion – Pradhan Mantri Jan-Dhan Yojana (PMJDY) – has crossed 500 million.

“It is heartening to see that more than half of these accounts belong to our Nari Shakti. With 67% of accounts opened in rural and semi-urban areas, we are also ensuring that the benefits of financial inclusion reach every corner of our nation,” Modi said in a tweet.

This scheme of PM Modi, to provide basic banking facilities to the underprivileged was launched on August 28, 2014. As per the latest reports submitted by banks, the total number of Jan-Dhan accounts has crossed 500 million as on August 9, 2023.

The total deposits in these accounts are above Rs.2.03 lakh crore and about 340 million RuPay cards have been issued in these accounts free of cost.

PMJDY offers multiple advantages to account holders such as a bank account without the requirement of minimum balance, free-of-cost RuPay debit cards with inbuilt accident insurance of Rs.2 lakh and an overdraft facility of up to Rs 10,000.