G. Kishan Reddy, the Union Minister for Coal and Mines, spoke on Friday about the 11th anniversary of the Pradhan Mantri Jan Dhan Yojana (PMJDY). He described the scheme as a “silent revolution” that has transformed India’s financial system, empowering the poor and supporting inclusive economic growth.
PMJDY was introduced on August 28, 2014, by Prime Minister Narendra Modi to integrate all Indians into the formal banking network. Initially, there were only 3.35 crore basic savings accounts with ₹960 crore in deposits. Now, there are 56 crore Jan Dhan accounts with deposits totaling Rs 2.68 lakh crore, marking a 278-fold increase in deposits and a 16-fold rise in accounts.
Reddy mentioned that this achievement is more than just a financial success. It symbolizes dignity and empowerment for millions, particularly for women, youth, and marginalized groups. Women hold over 56% of these accounts, and 67% are in rural or semi-urban areas, where banking was once scarce.
In Telangana, 1.3 crore Jan Dhan accounts have been opened, with Rs 5,055.35 crore deposited. Reddy commended Telangana’s involvement and encouraged continued efforts for financial inclusion for all citizens.
Before 2014, corruption and inefficiency plagued welfare distribution. Reddy referenced former Prime Minister Rajiv Gandhi’s remark that only 15 paise of each rupee reached the beneficiaries. He stated that PMJDY has ended such leakages, ensuring that when the Centre sends Rs 100, the entire amount reaches the beneficiaries, thanks to Direct Benefit Transfer (DBT) through Jan Dhan accounts.
In the financial year 2024–25, Rs 6.9 lakh crore was directly transferred to beneficiaries’ accounts, bypassing middlemen and enhancing transparency. This development has increased trust in the banking system and shielded the poor from predatory lenders.
Jan Dhan account holders now also have access to RuPay debit cards, insurance, overdrafts, pensions, and micro-insurance schemes. Reddy emphasized that under Modi’s leadership, the poor are active contributors to a self-reliant India.
Reddy concluded by reiterating the government’s dedication to expanding financial inclusion, ensuring dignified banking access for all citizens. He described Jan Dhan Yojana as more than just a scheme—it’s a movement towards economic justice and national growth.
