Over 58 Crore Jan Dhan Accounts Strengthen Formal Banking Reach: FM Sitharaman

Finance Minister Nirmala Sitharaman on Monday said that more than 58 crore Jan Dhan accounts have helped bring crores of Indians into the formal banking system , significantly expanding financial inclusion across the country.

In a statement shared by the Finance Minister’s Office on social media platform X , Sitharaman highlighted that the Pradhan Mantri Jan Dhan Yojana (PMJDY) has played a key role in ensuring that benefits under various welfare schemes, along with low-cost insurance and pension services , are delivered directly to beneficiaries without leakages.

“ Garib Kalyan is Hon’ble PM Shri @narendramodi’s guarantee of dignity, opportunity and empowerment for every Indian, ” she said, underlining the government’s focus on inclusive growth.

The Finance Minister further stated that India has stood out globally in its efforts to combat poverty and deprivation , crediting sustained policy interventions and direct benefit mechanisms.

Launched on August 28, 2014 , the PMJDY is among the world’s largest financial inclusion initiatives. According to official data, around 56 per cent of Jan Dhan account holders are women , while nearly 67 per cent of accounts have been opened in rural and semi-urban regions , reflecting deep penetration beyond urban centres.

The scheme has also facilitated large-scale Direct Benefit Transfer (DBT) , with nearly ₹45 lakh crore transferred directly into beneficiary bank accounts over the years.

Officials noted that about 94 per cent of India’s adult population now has a bank account , marking a major milestone in financial access. Accounts opened under PMJDY come with features such as zero-balance facility, RuPay debit cards, accidental insurance cover, and overdraft eligibility , aimed at improving financial security for low-income households.

The initiative, the statement added, has helped millions transition into the formal financial system, contributing to broader economic participation and strengthening India’s welfare delivery framework.