Staff Reporter
India’s journey toward universal financial inclusion has made remarkable strides under the leadership of Prime Minister Narendra Modi, now in his 11th year in office. Spearheading this transformation is the Pradhan Mantri Jan Dhan Yojana (PMJDY)—launched in August 2014—which has become the world’s largest financial inclusion initiative. As of March 7, 2025, the number of bank accounts opened under the scheme has surpassed 55.02 crore, with over 36.63 crore accounts located in rural and semi-urban areas, significantly widening access to the formal banking system.
PMJDY is built on four foundational pillars: banking the unbanked, securing the unsecured, funding the unfunded, and serving the underserved. These principles have guided the expansion of financial services to millions of households, especially among India’s poor, rural, and marginalized populations.
Supporting this mission are several other government-led schemes:
- Pradhan Mantri Suraksha Bima Yojana (PMSBY) has provided accident insurance coverage to 50.30 crore people at a nominal annual premium of ₹20. Beneficiaries receive ₹2 lakh in case of death or total disability, and ₹1 lakh for partial disability.
- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), which offers life insurance cover of ₹2 lakh for a premium of ₹436 per year, has enrolled 23.21 crore individuals.
- Atal Pension Yojana (APY), tailored for unorganised sector workers, has seen 7.49 crore enrolments. It promises monthly pensions of ₹1,000 to ₹5,000 post-retirement, based on the subscriber’s contributions.
- Pradhan Mantri Mudra Yojana (PMMY) has sanctioned 52.07 crore loans worth ₹33.19 lakh crore to small and micro-enterprises, supporting grassroots entrepreneurship and self-employment.
- Stand Up India Scheme has extended financial support to 2.67 lakh entrepreneurs from SC/ST and women categories, with total loans amounting to ₹60,504 crore, for setting up greenfield ventures.
- PM Vishwakarma Scheme, launched in 2023, is empowering traditional artisans through skill training, collateral-free credit, and digital tools. It is focused on 18 traditional trades and is jointly managed by the Ministries of MSME, Skill Development, and Financial Services.
- PMSVANidhi, launched during the COVID-19 pandemic, continues to aid urban street vendors with working capital loans and support services.
Together, these initiatives reflect a robust and inclusive financial ecosystem. With grassroots-level awareness drives and enrolment camps, the government ensures that benefits reach every corner of the country, laying the foundation for a more equitable economic future.
