Vol. 7, Issue 2, Part L (2025)

The Pradhan Mantri Jan-Dhan Yojana (PMJDY), launched on August 28, 2014, is a pioneering national initiative by the Indian government designed to provide easy access to banking and financial services for every household, especially those in underserved and rural areas. The scheme offers a range of services including zero-balance savings accounts, RuPay debit cards with accident insurance, direct benefit transfer capabilities, overdraft facilities, and digital payment options. PMJDY has successfully brought banking to over 560 million people, with a significant portion from rural regions and a notable share of women account holders. This program has played a crucial role in improving financial literacy and integrating marginalized populations into the formal banking system, thereby addressing economic exclusion. However, challenges such as inactive accounts, limited digital skills, and difficulties in accessing credit persist, indicating that financial inclusion requires more than just account ownership - it demands active usage and empowerment. By linking accounts with social security schemes like insurance and pensions, PMJDY enhances financial protection for vulnerable groups. Future efforts should focus on strengthening digital literacy, expanding financial product access, and ensuring fair inclusion of all communities to sustain inclusive growth. Overall, PMJDY represents a transformative step in India’s journey toward financial inclusion and inclusive economic development.