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September 27, 2023

Jan Dhan Yojana revolutionised financial inclusion in India, more than 50 cr bank a/cs opened: FM

Finance Minister Nirmala Sitharaman on Monday said Jan Dhan Yojana-led interventions and digital transformation have revolutionised financial inclusion in the country, as more than 50 crore people have been brought into the formal banking system with cumulative deposits surpassing Rs 2 lakh crore.

On the ninth anniversary of the Pradhan Mantri Jan Dhan Yojana (PMJDY), which is one of the biggest financial inclusion initiatives in the world, Sitharaman in her message said 55.5 per cent bank accounts have been opened by women, and 67 per cent have been opened in rural/semi-urban areas.

Under the scheme, the number of bank accounts grew 3.4-fold from 14.72 crore in March 2015, to 50.09 crore as on August 16, 2023.

Total deposits too have swelled from Rs 15,670 crore as of March 2015, to over Rs 2.03 lakh crore as of August 2023.

The average deposits in Jan Dhan accounts have increased 3.8 times from Rs 1,065 as of March 2015, to Rs 4,063 in August 2023.

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