Stage set for major transformation: PM on 11.5 crore JanDhan account

New Delhi

A record 11.5 crore bank accounts have been opened in just over four months under the Jan Dhan Yojana, covering 99.74 per cent of households and setting the stage for a major transformation, Prime Minister Narendra Modi said on Tuesday.

“The success of PMJDY sets the stage for a major transformation for the people & will enhance India’s progress,” Modi tweeted, while describing the scheme a “unprecedented success”.

Earlier, addressing a press conference, Finance Minister Arun Jaitley said “most of India today is included in the banking system” and more than Rs 9,000 crore has been deposited in the newly opened Jan Dhan accounts.

Announcing the financial inclusion scheme in his first Independence Day speech last year, Modi had set a target to open bank accounts for 7.5 crore poor persons by January 26, 2015. The target was later increased to 10 crore accounts.

The unprecedented success of the scheme is a matter of pride for the entire Nation, Modi said, adding, “We embarked on PMJDY with an aim to integrate the poor with our financial system. The comprehensive extent of its coverage is gladdening!”.

Jaitley said the government would use these bank accounts to pass on benefits to individuals under its various social security schemes.

Financial Services Secretary Hasmukh Adhia said that even Guinness Book of World Records has recognised the achievements made under PMJDY.

In its citation, the Guinness Book said: “Most bank accounts opened in one week as part of the Financial Inclusion Campaign is 18,096,130 and was achieved by the Department of Financial Services, Government of India from August 23 to 29, 2014.” .

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