Jan Dhan Yojana's third anniversary: PM Narendra Modi says 30 cr families got Jan Dhan accounts, Rs 65,000 cr deposited

Prime Minister Narendra Modi's ambitious Pradhan Mantri Jan Dhan Yojana, aimed at promoting financial inclusion, has completed three years today.

On 28 August 2014, PM Modi launched the scheme to ensure access to financial services, namely Banking Savings and Deposit Accounts, Remittance, Credit, Insurance, Pension for the common man.

Modi announced the scheme on his first Independence Day speech on August 15, 2014.

On Sunday, PM Modi and FM Arun Jaitley listed the achivements of the financial inclusion campaign.

PM Modi said at least 30 crore new families have got Jan Dhan accounts in which almost Rs 65,000 crore have been deposited. Banks have conducted surveys about how the common man has benefitted from Jan Dhan Yojna as also from insurance schemes like Pradhan Mantri Jeewan Jyoti Bima Yojna and Pradhan Mantri Suraksha Bima Yojna, from RuPay Card and Pradhan Mantri Mudra Yojna and these surveys have thrown up "inspiring stories".

"In a way, this is a saving for the poor, this is his empowerment for the future. And those who opened their accounts under the Pradhan Mantri Jan DhanYojna, have received the benefit of insurance as well," the PM said.

In a Facebook post, FM Jaitley said JAM (Jan Dhan, Aadhaar and Mobile) trinity has ushered in a social revolution which will eventually bring all Indians into a common financial, economic and digital space, similar to how GST has created a unified market.

"Just as GST created one tax, one market, one India, the PMJDY and the JAM revolution can link all Indians into one common financial, economic, and digital space. No Indian will be outside the mainstream, " the FM said.  

"Within reach of the country is what might be called the 1 billion-1 billion-1 billion vision. That is 1 billion unique Aadhaar numbers linked to 1 billion bank accounts and 1 billion mobile phones. Once that is done, all of India can become part of the financial and digital mainstream," he said.

Noting that JAM is nothing short of a social revolution, the Finance Minister said it offers substantial benefits for government, the economy and especially the poor. Highlighting the benefits, he said the poor will have access to financial services and be cushioned against life's major shocks while government finances will be improved because of the reduced subsidy burden and weeding out of leakages from the system.