PMJDY account to touch 500-million mark; about 55% beneficiaries are women

As on July 19, the number of total account holders under the PMJDY has reached 495.6 million, of which 275.6 crore are women

As the Pradhan Mantri Jan Dhan Yojana (PMJDY) is set to complete nine years on August 15, the total number of beneficiaries is set to cross the 500-million mark.

As on July 19, the number of total account holders under the PMJDY has reached 495.6 million, with a total outstanding of over Rs 2 trillion. Of this, 275.6 crore are women, from both rural and urban areas, according to a report in the Business Line.

Around 55 million people are under the purview of the scheme, the pace of which gained momentum after Covid-19.

The number of beneficiaries stood at 350 million in April 2019, which rose to 422 million in April 2021, and touched 450 million in April 2022.  

Bibekananda Panda, senior economist, the State Bank of India (SBI), said that the PMJDY has been one of the enablers for inclusive and sustainable growth in India.

“JAM trinity (Jan Dhan, Aadhaar, mobile) has been a game-changer in India as the PMJDY, the Aadhaar biometric infrastructure, and mobile and digital penetration have helped to make significant strides in providing last-mile delivery of banking services to underserved communities. Female PMJDY account holders are the prime customers for banks today," said Panda.

Banks are offering financial products such as pension, and micro-credit to attract the PMJDY holders in order to deepen their financial engagement, according to the Business Line report.

“This is helping banks in building credit histories of these account holders. Moreover, small value credit is new to credit customers and is like gold mines for banks as customers have several unfulfilled needs which banks can cater to,” said Panda.

Of the 495.6 million beneficiaries, 244 million are with public sector banks, while 79.2 million accounts are with regional rural banks.

The PMJDY has now become an umbrella scheme facilitating the implementation of other key schemes of the Centre such as Pradhan Mantri Mudra Yojana (PMMY), along with crop, life, and general insurance schemes.