A decade of financial inclusion - the PM Jan Dhan Yojana

Published By : Admin | August 28, 2024 | 12:12 IST

Today marks a decade since the Pradhan Mantri Jan Dhan Yojana was launched. For me, this initiative was more than just a policy - it was an endeavour to build an India where each and every citizen, irrespective of one’s economic background, has access to the formal banking apparatus.

Many of you, especially the youth, would be thinking- why does this matter so much? After all, in this age, having a bank account would be very basic and even taken for granted. However, when we assumed office in 2014, the situation was very different. It was almost 65 years since Independence, but access to banking was a distant dream for almost half of our households. Theirs was a world where savings were kept at home, vulnerable to loss and theft. Access to credit was often at the mercy of predatory lenders. The absence of financial security held back so many dreams.

This problem becomes even more ironical considering the fact that four and a half decades ago, banks were nationalised by the then (Congress) Government and that too in the name of the poor! Yet, the poor never got access to banking.

When the Jan Dhan Yojana was rolled out, I remember the scepticism that surrounded it too. Some people asked- could it really be possible to bring such a large number of people into the banking system? Will this effort lead to any concrete changes? Yes. The scale of the challenge was enormous, but so was the determination of the people of India to ensure it becomes a reality.

The success of the Jan Dhan Yojana has two parts to it. One is in the numbers:

Today, over 53 crore people who never imagined they would enter a bank have bank accounts.

These accounts have a deposit balance of over Rs. 2.3 lakh crore.

Over 65% of the accounts are either in rural or semi-urban areas, thus taking the movement of financial inclusion outside the metros.

Direct transfers worth almost Rs. 39 lakh crore have taken place.

But, the second part goes beyond the impressive numbers.

Jan Dhan Yojana has proven to be game-changing as far as women's empowerment is concerned. Almost 30 crore women have been brought into the banking system.

Likewise, the benefits of the scheme and the other benefits that come thanks to a bank account have positively impacted crores of SC, ST and OBC families. They have also benefitted those families who belong to the middle and Neo-middle classes. Had it not been for the Jan Dhan Yojana, the MUDRA Yojana, or the social security schemes of the Government, namely the Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana and the Atal Pension Yojana would never have been as impactful.

Jan Dhan also became a vital pillar of the JAM Trinity- Jan Dhan, Aadhaar and Mobile. The landmark contribution of this trinity was to eliminate the scourge of middlemen and touts who, for decades, thrived in public loot. It is this trinity that ensured a stunning digital payments revolution in India, especially in the middle and later years of the last decade. The very same elements who doubted the relevance of a scheme like Jan Dhan were yet again mocking the need for digital payments in a nation like ours. But, once again, they underestimated the collective resolve of our people. India’s digital payments success story is noted world over. Over 40% of real time digital payments in the world happen in India!

A bank account has ensured hassle-free and direct transfer in almost all the government's flagship schemes, be it Ayushman Bharat, PM-Kisan for farmers, PM SVANidhi for street vendors and more. I am also reminded of the years of 2020 and 2021, when the once in a lifetime COVID-19 pandemic was at its peak. Had it not been for banking inclusion, the subsidies would not have been able to reach the intended beneficiaries.

The life journeys of those who benefitted due to this scheme are very touching and inspiring. PM Jan Dhan Yojana personifies dignity, empowerment and the opportunity to participate in the economic life of the nation. The foundations laid by this scheme are strong, but we have even more work to do! We will continue to build on this success to build a Viksit Bharat.

Today is also the occasion to congratulate each and every beneficiary of this scheme and laud the efforts of the countless banking staff who made financial inclusion their mission and ensured a better life for their fellow Indians!

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A life devoted to India’s unity and progress
July 06, 2026

Today, 6th July, is a special day for countless people who cherish the ideals of nationalism and selfless service. We commemorate the 125th birth anniversary of Dr. Syama Prasad Mookerjee, whose life remains a timeless example of courage and unwavering commitment to Maa Bharti. Few leaders in modern India embodied the seamless confluence of intellect, public service and moral conviction as profoundly as Dr. Syama Prasad Mookerjee.

The young Syama Prasad was born into circumstances that could easily have assured him a protected and comfortable life. His father, Sir Ashutosh Mookerjee, was among the foremost educationists and intellectuals of his age. Yet, while destiny placed before him a path of privilege, his conscience led him towards one of sacrifice and national service. He was convinced that he could not remain a mute spectator to the turbulence of his times, be it fighting colonialism, communalism, humanitarian challenges and more. Along this journey, he endured profound personal tragedies, including the loss of an infant child and, later, his wife. Yet, these tragedies only deepened his resolve and strengthened his unwavering commitment to serve.

If there was one ideal that defined Dr. Syama Prasad Mookerjee’s public life above all else, it was the indivisibility of India. He stood firm during the upheaval of Partition to ensure that West Bengal remained an integral part of India. A few years later, that very conviction drew him to Jammu and Kashmir. Imprisonment did not deter him and isolation did not diminish him. His life came to an abrupt end in detention, far from the countless people whose cause he had made his own. There are moments in history when an individual’s final sacrifice transcends politics and enters the realm of national memory. Dr. Mookerjee’s last journey remains one such moment. Acharya Vinoba Bhave said that Dr. Mookerjee sacrificed himself for a cause in which he had faith. Years later, the revocation of Articles 370 and 35(A) in 2019 was the most fitting tribute to his martyrdom.

Dr. Mookerjee put India First and Indian values first. And he did it by building institutions and nurturing systems that defied conventional mindsets of those times. He became the youngest Vice Chancellor of the University of Calcutta. In his unique style, he brought positive changes that were patriotic and futuristic. Addressing a conference of educators, Dr. Mookerjee put it wonderfully when he said, “It is incorrect to look upon educational institutions as factories to produce potential clerks and low-paid staff. We have to turn out students who are capable of providing leadership to our self-governing institutions, such as municipal corporations, provincial and central legislatures and also of directing the affairs in various fields of life such as financial, commercial and industrial ones.”

Under his leadership, Calcutta University undertook unique efforts such as improving library infrastructure, boosting research in sciences, encouraging the study of artefacts and establishing courses in agriculture, to name a few. He drew attention to areas such as sports, teacher training and student welfare. To instil a sense of pride among students and alumni, he began a practice of marking 24th January as the foundation day of the University. He requested none other than Gurudev Tagore to compose a song for the University.

Yet another example of this spirit can be seen in the later part of his life, when he decided to form the Bharatiya Jana Sangh. At a time when the Congress Party was omnipresent, he felt that there was all the more reason for an alternative voice to speak up for India’s progress while staying attached to our cultural roots. It was perhaps fitting that the party’s symbol was the Diya, the earthen lamp. A single lamp may appear modest, yet it possesses the power to dispel darkness far beyond itself. It is exactly what the Jana Sangh did both during the years it was active and beyond.

Dr. Syama Prasad Mookerjee’s tenure as India’s first Minister for Industry and Supply reveals a statesman whose conception of development was remarkably comprehensive and humane. He viewed industry as a means of restoring dignity, opportunity and confidence to a newly independent nation. He respected wealth creation and value addition. While laying the foundations of modern industrial India through pioneering initiatives such as the Damodar Valley Corporation, the Sindri Fertiliser Plant and a robust industrial policy, he simultaneously ensured that India’s traditional strengths were not neglected. Handlooms, cottage industries, artisans and textile workers found in him an equally committed champion.

Here, I would like to share a personal experience. The Sindri plant, which Dr. Mookerjee worked to establish with a clear vision of self-reliance, was ignored by those who ran the nation for several decades. I feel honoured that our Government had the opportunity to contribute to its revival. It was indeed among the most special moments to have been there for that programme.

India’s civilisational tradition has long celebrated dialogue and discussions. Dr. Mookerjee embodied this democratic spirit. He joined Pandit Nehru’s Cabinet, believing that the task of nation-building in the early years transcended political differences. He served with sincerity and a constructive spirit. But when he felt that questions of national importance demanded a different course, he relinquished office with dignity and devoted himself wholeheartedly to the political work he believed the nation required.

75 years ago, Pandit Nehru brought the First Amendment, which was a direct assault on free speech. Dr. Mookerjee was among its staunchest critics. He understood fully what the Congress was capable of doing. And he was proven right. Those who brought the First Amendment 75 years ago imposed the Emergency in 1975 and 50 years ago, brought in the 42nd Amendment Act, which again struck at the core of liberal democratic values.

Dr. Mookerjee also stood out for his humanitarian efforts. When the most tragic famine struck Bengal in 1943, Dr. Mookerjee immersed himself in serving those affected. He ensured that several canteens and relief centres were opened to feed people. On one hand, he was deeply shaken by the plight of his people while on the other, he was repulsed by the insensitivity of the colonial rulers. He even wrote a book, Panchasher Manwantar, in which he expressed his angst. When a super cyclone hit Medinipur in 1942, his efforts to restore normalcy were widely lauded.

Speaking at a college in Kolkata, Dr. Mookerjee urged the youth, “Whatever work you undertake, do it seriously, thoroughly and well; never leave it half-done or undone, never feel yourself satisfied unless and until you have given it your very best.” As India advances towards the goal of a Viksit Bharat, the finest tribute we can pay him is to strive every day to build the strong, united, self-confident and compassionate India that he so deeply believed in. And knowing today’s youth, I am certain they will rise to the occasion and do exactly that.