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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Mahatma Jyotirao Phule: A Light That Still Shows India the Way
April 11, 2026

Today, 11th April, is a deeply special day for all of us. It is the birth anniversary of Mahatma Jyotirao Phule, one of India’s greatest social reformers and a guiding light for generations. This year, the occasion carries even greater significance, as it marks the beginning of his 200th birth anniversary celebrations.

Mahatma Phule was a great reformer. In addition to that, his was a life of moral courage, restless enquiry and unshakable commitment to social good. Mahatma Phule is remembered for the institutions he built and the movements he led. At the same time, his contribution to our civilisational journey lies in the hope he aroused, the confidence he instilled and the strength his thoughts continue to give to millions of people across the nation.

Born in the great state of Maharashtra in 1827, Mahatma Phule emerged from modest beginnings. But his initial hardships never stood in the way of his learning, his courage or his commitment to society. This is a trait that remained with him forever: whatever the challenges may be, one must work hard, acquire knowledge and mitigate those challenges instead of doing nothing about it. From his school days, young Jyotirao was deeply curious and became a voracious reader, often reading books far beyond what children his age were expected to engage with. Years later, he said, “The more questions we generate, the more knowledge emerges from them.” Clearly, the spirit of enquiry he was blessed with since his childhood remained constant in his journey.

Throughout his life, learning and education became central to Mahatma Phule’s mission. He recognised with rare clarity that knowledge is not a privilege to be guarded, but a force to be shared. At a time when the joys of learning were denied to many, he opened pioneering schools for girls and for those kept out of formal education. He used to say, “Any improvement that comes in children through mothers is deeply valuable. Therefore, if schools are to be opened, they should first be opened for girls.” He worked to create a new social imagination in which the classroom became an instrument of justice and equality..

His vision for education inspires us greatly. Over the last decade, we have worked to make research and innovation a cornerstone for the youth of India. Efforts are being made to create an ecosystem where young minds are encouraged to question, explore and innovate. By investing in knowledge, skills and opportunity, India is empowering its youth to become problem-solvers and drivers of national progress.

Due to his knowledge and wisdom, Mahatma Phule developed a strong understanding of areas such as agriculture, healthcare and rural development. He often said that injustice towards our farmers and workers weakens our society. He saw how social inequalities manifested themselves in daily life, be it in the farms or in villages. Hence, he immersed himself in ensuring dignity for the poor, the downtrodden and the marginalised. At the same time, he made every possible effort to ensure social harmony was maintained.

Mahatma Phule opined, “जोपर्यंत समाजातील सर्वांना समान अधिकार मिळत नाहीत, तोपर्यंत खरे स्वातंत्र्य मिळत नाही” (True freedom cannot be achieved until everyone in society is granted equal rights). And for that, he built institutions that translated this vision into action, contributing to a just society. The Satyashodhak Samaj, founded by him, was one of the most important social reform movements in modern India. It was at the forefront of social reform, community service and furthering human dignity. It became an effective voice for women, youngsters and those living in villages. This movement reflected Mahatma Phule’s intrinsic belief that society could be strengthened by placing at its core justice, respect for every person and a spirit of collective progress.

His personal life, too, carried lessons in courage. Always working and being among the people took a toll on his health. But even the most serious health challenges did not dim his resolve. After suffering a debilitating stroke, he continued to work and fulfil his vision. Yes, his body had been tested, but his commitment to society had not yielded. For millions today, especially those who draw courage from struggle, this remains one of the most powerful dimensions of his life.

No remembrance of Mahatma Phule can be complete without a respectful mention of Savitribai Phule, who was herself one of the tallest reformers of our nation. As one of India’s pioneering women teachers, she played a defining role in advancing education for girls, thus giving them the opportunity to pursue their dreams. After Mahatma Phule’s passing, Savitribai carried forward that torch and, in 1897, during a plague outbreak, she served victims with such devotion that she herself contracted the disease and lost her own life.

Our land has been blessed, time and again, by great men and women who have strengthened society through thought, sacrifice and action. They did not wait for change to arrive from somewhere else. They became its source. For hundreds of years in our land, the clarion call for social betterment has often risen from within society itself, from those who could see suffering clearly and refused to accept it as fate. Mahatma Jyotirao Phule was one such voice.

I fondly recall my visit to Pune in 2022, when I had offered tributes to Mahatma Phule at his grand statue in the city. As we mark the beginning of his bicentenary year, the most fitting tribute to Mahatma Jyotirao Phule is about renewal. Renewal of our commitment to subjects close to his heart, such as education. Renewal of our sensitivity to injustice. Renewal of our faith that society can improve itself from within. His life tells us that the power of community can achieve miracles in India when joined with moral clarity and public purpose. That is why he still gives strength to millions. That is why his words and work still carry hope. And that is why, nearly two hundred years after his birth, Mahatma Jyotirao Phule remains not a figure of the past, but a guide for India’s future.