PM Jan Dhan Yojana: 'Rs 2.37 Lakh Crore...' - FM Nirmala Sitharaman Shares Update

The Union Finance Minister Nirmala Sitharaman on Tuesday while discussing the Banking Laws (Amendment) Bill said that there is approximately Rs 2.73 lakh crore that is deposited now in PM Jan Dhan accounts, adding that the average balance of these accounts has increased to Rs 4,397.

In a post on X, the Finance Minister said, "The intention of the banks was to reach the rural areas. In its true sense, that objective was achieved in the last 10 years through the PM Jan Dhan Yojana."

"Today, we have Rs 2.37 Lakh Crore deposited in the PM Jan Dhan Accounts. In March 2015, the average balance of the PM Jan Dhan Accounts was Rs 1,065. It has now increased to Rs 4,397," Sitharaman added during a Winter Session at the Parliament.

Nirmala Sitharaman compares this to the drastically different situation of 2014, when PM Jan Dhan Yojana was just launched and a lot of questions were asked about how zero-balance accounts would be maintained, service charge, etc.

What Is PM Jan Dhan Yojana?

The Pradhan Mantri Jan Dhan Yojana (PMJDY) provides a platform for universal access to banking facilities with at least one basic banking account for every household, financial literacy, and access to credit, insurance and pension facility.

This policy covers both urban and rural areas and those who open accounts get indigenous Debit Card (RuPay card).

Where Can A PM Jan Dhan Account Be Opened?

A PM Jan Dhan account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet at zero balance.

Every PMJDY bank account is on the Core Banking System (CBS) of banks.