• Recently, Pradhan Mantri Jan DhanYojana (PMJDY)- National Mission for Financial Inclusion, completed eight years of successful implementation.
  • More than 46.25 crore beneficiaries banked under PMJDY since inception, amounting to Rs. 1,73,954 crores.

Pradhan Mantri Jan DhanYojana (PMJDY)

  • Pradhan Mantri Jan DhanYojana (PMJDY) is the National Mission for Financial Inclusion.
  • It ensures access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.
  • PMJDY has been the foundation stone for people-centric economic initiatives. Whether it is Direct Benefit Transer (DBT), Covid-19 financial assistance, PM-KISAN, increased wages under Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGA), life and health insurance cover, the first step of all these initiatives is to provide every adult with a bank account, which PMJDY has nearly completed.


  • Ensure access to financial products & services at an affordable cost.
  • Use of technology to lower cost & widen reach. 

Financial Inclusion

  • Financial inclusion is defined as the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low-income groups at an affordable cost.
  • In a diverse country like India, financial inclusion is a critical part of the development process. Since independence, the combined efforts of successive governments, regulatory institutions, and civil society have helped in increasing the financial-inclusion net in the country.
  • Being able to have access to a transaction account is a first step toward broader financial inclusion since a transaction account allows people to store money, and send and receive payments.
  • A transaction account serves as a gateway to other financial services.

Way Forward

  • There must be an endeavour to ensure coverage of PMJDY account holders under micro insurance schemes.
  • Eligible PMJDY accountholders will be sought to be covered under PMJJBY and PMSBY. Banks have already been communicated about the same.


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