Jan Dhan Yojana FY24 Milestone: 3.3 Crore New Accounts

The Jan Dhan Yojana initiative has achieved a remarkable milestone in the financial year 2024. With the opening of 3.3 crore bank accounts, adding to the overall count of 519.5 million accounts. The combined balance across these accounts experienced a significant uptick, reaching Rs 2,34,997 crore, in contrast to the Rs 1,98,844 crore documented in the previous year. The scheme has not only expanded its reach but has also bolstered the financial landscape of the nation. Accompanied by a surge of Rs 36,000 crore in cash levels.

In the financial year 2024, the cash accretion in Pradhan Mantri Jan Dhan Yojana (PMJDY) bank accounts reached an unprecedented high, soaring to Rs 36,153 crore, with average cash deposits per account peaking at Rs 4,524. Despite an 18% increase in the overall balance in Jan Dhan accounts, slightly lower than the previous year's 19% growth, there was a remarkable 22% growth in deposits per account year-on-year, indicating a significant acceleration. This surge was partly attributed to a deceleration in new account openings, as the saturation level in account registrations was reached, with 33 million new accounts initiated in FY24, marginally lower than the previous financial year's 35.9 million.

However, a notable challenge remains in ensuring widespread distribution of debit cards to all account holders, particularly among public sector banks. Current data reveals that out of the 519.5 million Jan Dhan account holders, only 68% possess debit cards, leaving approximately 12% of active account holders without debit cards. The State Bank of India leads in PMJDY balance with Rs 59,203 crore, followed by Bank of Baroda at Rs 32,032 crore, and Punjab National Bank at Rs 22,594 crore. Public sector banks and regional rural banks, backed by them, collectively represent 97% of the total PMJDY balance of Rs 2.35 trillion, showcasing their pivotal role in the scheme's implementation and success.

The Jan Dhan Yojana has emerged as a transformative initiative that not only expands the horizons of financial inclusion but also empowers millions of Indians with access to formal banking services. With 3.3 crore bank accounts opened in FY24 and a significant rise in cash levels, the Jan Dhan Yojana continues to redefine banking accessibility for millions across India.