The Narendra Modi government is marking 10 years of the ‘Jan Dhan Yojana’ scheme on Tuesday.

The scheme is the flagship of the Modi government to push for increased financial inclusion in the country.

On the back of Jan Dhan Yoajana, India’s financial inclusion is now over 80 per cent, which was just 25 per cent in 2008, according to ANI.

In a post on X (formerly Twitter), Prime Minister Modi said that the Jan Dhan Yojana has been paramount in boosting financial inclusion and giving dignity to crores of people.

“Jan Dhan Yojana has been paramount in boosting financial inclusion and giving dignity to crores of people, especially women, youth, and the marginalized communities,” said Modi.

From Jan Dhan Yojana to ‘JAM Trinity’

The Jan Dhan Yojana was launched in 2014 and was particularly focussed at bringing women within the folds of formal banking and other financial channels. Since its inception, the scheme has served to inspire other initiatives as well. Together, the architecture built around the Jan Dhan Yojana, Aadhar, and mobile phones is referred to as ‘JAM trinity’.

The broader idea behind the JAM trinity has been to check the leakages in government benefits and subsidies.

Following the creation of bank accounts and linking of accounts with mobile numbers and Aadhar, the subsidies and other benefits are directly deposited in bank accounts and duplicity and leakages are checked.

Achievements of Jan Dhan Yojana

1. By 2021, India had surpassed China in terms of financial inclusion on the back of Jan Dhan Yojana

2. Today, around 80 per cent of Indian women have bank accounts. It was just 26 per cent in 2011.

3. The Jan Dhan Yojana has nearly removed the gap between rural and urban areas regarding financial inclusion with 95 and 96 per cent respectively, according to ANI.

4. The gender gap in addressing financial services has also came down from 20 per cent in 2011 to 6 per cent in 2017, according to ANI.

5. The Jan Dhan Yojana has also led to the growth of debit cards. By August 2024, more than 36.13 crores of RuPay debit cards were issued free to Jan Dhan account-holders, according to ANI. These cards also give holders insurance of Rs 2 lakh and an overdraft facility of up to Rs 10,000.

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10 years of Jan Dhan Yojana: How it helped India surpass China in financial inclusion metrics