<p>On Monday, the Pradhan Mantri Jan Dhan Yojana (PMJDY), the national initiative for financial inclusion, will have completed nine years of effective operation. Since its launch in 2014, the PMJDY has successfully enrolled more than 50 crore individuals in the official banking system.<img decoding=”async” class=”alignnone wp-image-150527″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-pm-the-jan-dhan-yojana-altered-the-financial-inclusion-landscape-fm-untitled-design-2023-08-28t153925.901-11zon-750×500.jpg” alt=”theindiaprint.com pm the jan dhan yojana altered the financial inclusion landscape fm untitled design 2023 08 28t153925.901 11zon” width=”1394″ height=”929″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-pm-the-jan-dhan-yojana-altered-the-financial-inclusion-landscape-fm-untitled-design-2023-08-28t153925.901-11zon-750×500.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-pm-the-jan-dhan-yojana-altered-the-financial-inclusion-landscape-fm-untitled-design-2023-08-28t153925.901-11zon-1024×683.jpg 1024w, https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-pm-the-jan-dhan-yojana-altered-the-financial-inclusion-landscape-fm-untitled-design-2023-08-28t153925.901-11zon-768×512.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-pm-the-jan-dhan-yojana-altered-the-financial-inclusion-landscape-fm-untitled-design-2023-08-28t153925.901-11zon-150×100.jpg 150w, https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-pm-the-jan-dhan-yojana-altered-the-financial-inclusion-landscape-fm-untitled-design-2023-08-28t153925.901-11zon.jpg 1200w” sizes=”(max-width: 1394px) 100vw, 1394px” title=”PM The Jan Dhan Yojana altered the financial inclusion landscape: FM 12″></p>
<p>On August 15, 2014, Prime Minister Narendra Modi made an announcement about the PMJDY during his Independence Day speech. The PM had defined the event as a celebration to commemorate the release of the impoverished from a vicious cycle when the initiative was first introduced on August 28, 2014.</p>
<p>According to a government press release issued today, the Ministry of Finance, one of the largest financial inclusion initiatives in the world, continuously works to provide financial inclusion and support to the disadvantaged and economically disadvantaged groups through its financial inclusion-driven interventions. Financial inclusion (FI) encourages fair and inclusive development as well as the provision of financial services to weaker and more disadvantaged groups that lack access to basic banking services at a reasonable cost.</p>
<p>In addition to releasing the poor from the grip of predatory lenders, financial inclusion also allows the impoverished to transfer money to their family in rural areas and puts their savings into the official financial system.</p>
<p>Nirmala Sitharaman, the Union Finance Minister, said in a letter commemorating the ninth anniversary of PMJDY that “the nine years of PMJDY-led interventions and digital transformation have revolutionized financial inclusion in India. It is encouraging to learn that the establishment of Jan Dhan Accounts has allowed more than 50 crore individuals to access the official banking system. About 55.5% of these accounts are held by women, and 67% of them were started in rural or semi-urban regions. These accounts have received deposits totaling more than Rs 2 lakh crore. Additionally, about 34 crore RuPay cards—which come with a Rs 2 lakh accident insurance cover—have been free of charge supplied to these accounts.</p>
<p>The PMJDY, according to her, “stands out as a pivotal initiative, changing the landscape of financial inclusion in the country as envisioned by Hon’ble Prime Minister Narendra Modi,” thanks to the cooperative efforts of stakeholders, banks, insurance firms, and government officials.</p>
<p>The goal of PMJDY, a national mission for financial inclusion, is to guarantee that everyone has affordable access to financial services such banking, savings and deposit accounts, remittance, credit, insurance, and pension.</p>
<p>Its goals include enabling affordable access to financial goods and services and leveraging technology to increase accessibility and save costs.</p>
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