The government’s flagship and much-publicised Jan Dhan Yojana completes 10 years and the Centre has big plans to extend its reach to cover more women and the rural sector.
According to the government, the scheme — launched on August 28, 2014 — was “a transformative pillar for India’s poor that fundamentally reshaped financial inclusion, ensuring access to formal banking for all”.
Today, we mark a momentous occasion— #10YearsOfJanDhan. Congratulations to all the beneficiaries and compliments to all those who worked to make this scheme a success. Jan Dhan Yojana has been paramount in boosting financial inclusion and giving dignity to crores of people,… pic.twitter.com/VgC7wMcZE8— Narendra Modi (@narendramodi) August 28, 2024
The scheme gained traction especially during the times of Covid-19 when, through opening of bank accounts, it ensured that funds and money reached the poorest of the poor and the needy. Today, there are about 54 crore Jan Dhan accounts. As per the finance ministry, the percentage of households that have bank accounts or a post office account is almost the same in urban and rural areas. This pushes the rural sector growth trajectory for the government.
There is also a political side to this. Women power has helped BJP swing power in key states and ahead of state polls in Maharashtra and Haryana — where the party relies on women voters — financial independence could be the swing factor. Women working in the unorganised sectors are vulnerable to economic shocks during their working lifetime. The Jan Dhan Yojana, according to the government, has bridged the gender gap. The percentage of women who have bank or savings account has increased from 53 per cent in 2015-2016 to 79 per cent in 2019-2021.
A progressive step was taken on this day 10 years ago for financial inclusion. PM Modi launched this initiative to ensure crores of our people who didn’t benefit from formal coverage of financial services are brought in to benefit. Over 53 crore accounts with over ₹ 2.3 lakh… https://t.co/jhS2Tmm34I— Nirmala Sitharaman (@nsitharaman) August 28, 2024
Recently, Maharashtra announced that it would put money directly into the accounts of women, just ahead of state polls. This scheme worked for the BJP in Madhya Pradesh and it hopes to repeat the magic in Maharashtra too. With no frills, no minimum balance needed and the power of the RuPay debit card, the government hopes to increase the matrix and reach of Jan Dhan accounts. It hopes that the humble card and passbook can win hearts and women voters.
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