How Have Funds in Jan Dhan Accounts Surpassed Rs 2.5 Lakh Crore?

Mumbai, June 9 (NationPress) An impressive 55.44 crore Jan Dhan accounts have been established in India, with 56 percent being owned by women. The total funds in these accounts have now exceeded Rs 2.5 lakh crore as of May 21 this year, according to RBI Deputy Governor M Rajeshwar Rao.

During a seminar focused on financial inclusion, Rao emphasized, "The introduction of Pradhan Mantri Jan Dhan Yojana (PMJDY) marked a pivotal change in India’s financial landscape. The Jan Dhan Yojana, combined with Aadhar and Mobile—the JAM trinity—has significantly advanced our mission to provide banking services to every adult, establishing it as the world’s largest financial inclusion initiative."

He highlighted that the remarkable number of Jan Dhan accounts demonstrates the scheme's effectiveness. By ensuring universal access to bank accounts, the program not only broadens the reach of additional financial services but also facilitates the efficient delivery of welfare programs through the adoption of Direct Benefit Transfer (DBT), Rao stated.

Rao also noted that the banking landscape has evolved dramatically over the last decade due to the rise of digital banking methods such as net banking and mobile banking, alongside digital payment systems like Unified Payment Interface (UPI).

In the fiscal year 2024-25, digital payment transactions increased by 35 percent year-on-year, reaching 60.81 crore transactions daily, with UPI making up 83.73 percent of those transactions. This remarkable growth in UPI is a clear indication of how collaboration and user-driven innovation are propelling financial inclusion, Rao observed.

"A striking illustration of this transformation can be observed in the informal sector, where a street vendor or a pop-up store owner now conveniently displays a QR code for payments, effortlessly integrating into the formal financial system with dignity," he commented.

Rao mentioned that to further enhance the digital payments ecosystem in India, a Payments Infrastructure and Development Fund has been established to promote the deployment of payment acceptance infrastructure. Additionally, all State and Union Territory Level Bankers’ Committees have been tasked with identifying districts and assigning them to specific banks, aiming to make these areas 100 percent digitally enabled.

The goal is to ensure that every eligible individual in the designated district has access to at least one digital payment method, such as cards, net banking, UPI, or AEPS. As of March 31, 2025, it is anticipated that 514 districts across 15 states and 6 UTs will achieve full digital enablement, marking a significant step towards a digitally inclusive economy, he added.