Business EconomyPosted at: Jun 8 2026 4:43PM


Over 580 million Jan Dhan accounts brought crores of Indians into formal banking system: Sitharaman

New Delhi, June 8 (UNI) Over 580 million Jan Dhan accounts have helped bring crores of Indians into the formal banking system, ensuring that welfare benefits, low-cost insurance, and pensions reach beneficiaries directly without leakages, union Finance Minister Nirmala Sitharaman said.
In a post on X, she stated, “Garib Kalyan is Prime Minister Narendra Modi’s guarantee of dignity, opportunity and empowerment for every Indian.” She also added that India has distinguished itself globally in its fight against poverty and deprivation.
Launched on August 28, 2014, the Pradhan Mantri Jan Dhan Yojana (PMJDY) is among the world’s largest financial inclusion initiatives.
As per the government data, 55 per cent of the PMJDY account holders are women, while 67 per cent of accounts are opened in rural and semi-urban areas.
Under the Direct Benefit Transfer (DBT) system, approximately Rs 45 trillion has been credited directly to beneficiaries’ accounts. Today, around 94 percent of India’s adult population has access to a bank account.
PMJDY aims to provide banking access to every unbanked household, based on the principle of ensuring banking for the unbanked, security for the unsecured, and financing for the unfunded. Accounts under the scheme offer zero-balance facilities, free RuPay debit cards, accident insurance cover, and overdraft options.
Under Pradhan Mantri Mudra Yojana (PMMY), 57.26 crore loans have been sanctioned amounting to Rs. 39.48 lakh crore for providing collateral-free institutional finance up to Rs 20 lakh to micro/small business units for income generating activities in manufacturing , trading, services sectors , including agriculture allied activities.
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