Banking for growth: PMJDY has improved financial inclusion. What next?

With deposit and credit facilities broadly in place, the government should now focus on spreading financial and digital literacy

The Pradhan Mantri Jan-Dhan Yojana (PMJDY), launched a decade ago, has significantly furthered the cause of financial inclusion. By facilitating basic savings accounts, credit, and insurance for the unbanked population, the scheme has ensured universal and affordable access to formal banking services. A remarkable 531.4 million people have been included in the PMJDY so far, with nearly 55 per cent of account holders being women, and 67 per cent of the accounts opened in rural and semi-urban areas. Thus, the scheme has performed well on at least two counts: Its rural outreach and bridging the gender divide